Enterprise cloud company ServiceNow named John Donahoe president and CEO on Monday, in an effort to snag the former eBay CEO before competitors.
Donahoe's availability, after the split of eBay and PayPal, encouraged current president and CEO Frank Slootman to "make room" while there was time to allow a steady transition, Slootman told CNBC's "Squawk on the Street" on Monday. While the "treadmill" of quarterly earnings takes its toll, the choice to step aside wasn't personal, Slootman said.
"This is not about me, this is about us really being very proactive, very strategic, very forward-looking about CEO succession," Slootman said. "As many people know, it's very, very tricky to have a successful CEO transition, and you're going to have to strike when the iron is hot. ... A year from now, John's not going to be around."
Slootman will step aside as CEO on April 3, but will remain chairman of the board.