Formerly unemployed SAP CEO Bill McDermott will not be staying that way long as operational tool vendor ServiceNow said the industry veteran will take over as president and CEO of the firm by the end of this year. And to sweeten the pot, McDermott will also take a board seat for the company.

McDermott earlier this month announced an abrupt departure from SAP. The company said in a statement that its long-serving CEO “decided not to renew his contract.”

McDermott had led SAP for a decade and been with that firm since 2002. He will maintain contact with SAP through the end of the year in an advisory capacity as it transitions to a new, two-headed leadership model helmed by Jennifer Morgan and Christian Klein.

In his new gig, McDermott is taking over for John Donahoe, who is taking the president and CEO position of Nike beginning in January. Donahoe, who has been at ServiceNow since mid-2017, will maintain a seat on its board until that term ends in June 2020.

ServiceNow made the announcement just ahead of its third quarter earnings release. It noted that it expects those results and its full-year forecasts to meet previous guidance.

In its announcement, ServiceNow touted McDermott’s leadership as SAP CEO in guiding its transition to the cloud. SAP’s most recent quarterly numbers showed a 37% year-over-year increase in cloud revenues and a 12% surge in cloud and software revenues. And the company earlier this year launched a strategic review targeted at increasing the company’s focus on its cloud operations to drive margin growth.

A recent GlobalData report had SAP ranked alongside rivals like Google, Amazon, and Microsoft in the second tier in its list of the market’s top “hybrid cloud theme” among cloud service providers. IBM, VMware, and F5 Networks were in the top tier of that list.

Jeff Miller, lead independent director of the ServiceNow board, noted in a statement that the board expects McDermott to “further enhance ServiceNow’s momentum and reputation as a digital workflows leader committed to customer success, and as a preferred strategic partner enabling enterprise digital transformation.”

An IDC report from last year singled out ServiceNow alongside Oracle as having shown significant growth in their unified, software-as-a-service (SaaS) cloud management platforms. That report ranked ServiceNow No. 9 in terms of segment revenue generated in 2017. VMware, Microsoft, and IBM led that segment.