ServiceNow CEO Bill McDermott (credit: servicenow)
- ServiceNow On Monday, CEO Bill McDermott told Jim Cramer that he did not expect the current economy to see a market downturn similar to the 2008 financial catastrophe.
- “It’s not even close to 2008. In 2008, I was with a company that lost a billion euros in the pipeline in one day. That was a crisis,” McDermott said in an interview with “Mad Money.”
On Monday, ServiceNow CEO Bill McDermott told Jim Cramer that he did not expect the current economy to see a market collapse similar to the 2008 financial disaster.
“It’s not even close to 2008. In 2008, I was with a company that lost a billion euros in the pipeline in one day. That was a crisis. It’s not a crisis,” McDermott said in an interview with “Mad Money . “
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“If anything, it’s a crisis of opportunity. The digital transformation market is $ 11 trillion over the next three years, okay. If you fight inflation, you’ll keep inspiring your employees, wherever they work.… You connect with your customers, ”he added.
McDermott’s remarks come as the Federal Reserve seeks to tighten its balance sheet and boost interest rates to control inflation, raising fears on Wall Street that the measures will trigger a recession and slow recovery. from the height of the Covid epidemic.
The CEO of a cloud-based software company also suggested that businesses wanting to survive the impending economic collapse should invest in digital innovation now. McDermott pointed out that none of the top 30 companies in the S&P 500 in 1989 are still on the list today, based on market capitalization.
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“If you don’t change, and you don’t change your businesses, and you don’t hit the accelerator now when the headlines are down, you may not be on any list in 30 years,” he said.
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