It is estimated that 63% of all transactions in Europe occur via programmes developed by SAP, which has more than 230,000 customers and earned €16 billion in revenue last year. Jim Hagemann Snabe was appointed co-CEO of SAP with Bill McDermott in February 2010. In 2011, his base salary was $1.1 million and total compensation reached $5.5 million. He has worked for SAP since 1990. He is also a director at Bang & Olufsen Holding, the design and technology company. Hagemann lives in Copenhagen and works in Walldorf, Germany. He recently visited the London School of Economics to speak about " Creativity and recovery from recession ".