Sunday, business software maker SAP AG (SAP) said that the SAP Supervisory Board has reached a mutual agreement with CEO Leo Apotheker not to extend his contract as a member of the SAP Executive Board. Apotheker, who joined the company more than 20 years ago has resigned as CEO and member of the SAP Executive Board effective immediately.
According to the Walldorf, Germany-based company, the SAP Executive Board, in agreement with the SAP Supervisory Board, has appointed two Co-CEOs: Bill McDermott, head of field organization and Jim Hagemann Snabe, head of product development, both already members of the SAP Executive Board.
In addition, Vishal Sikka, chief technology officer, has been appointed to the SAP Executive Board. At the request of the SAP Supervisory Board, Hasso Plattner, co-founder of SAP and chairman of the SAP Supervisory Board, will continue to play a strong role in advising the new leaders on technology and product development.
"The new setup of the SAP Executive Board will allow SAP to better align product innovation with customer needs. The new leadership team will continue to drive forward SAP's strategy and focus on profitable growth, and will deliver its innovations in 2010 to expand SAP's leadership of the business software market," said Hasso Plattner.
On January 27, 2010, SAP said that its fourth-quarter profit dropped from the year-ago period, as revenues declined year-over-year in an unstable market environment. However, looking ahead, the company expects 2010 software and software related service revenue to increase from the previous year.
According to the company, net income attributable to shareholders of SAP for the quarter dropped to EUR 726 million or EUR 0.61 per share from EUR 830 million or EUR 0.70 per share reported last year.
Non-GAAP net income attributable to shareholders of SAP was EUR 775 million or EUR 0.65 per share, compared with EUR 900 million or EUR 0.76 per share in the prior year.
U.S. GAAP income from continuing operations slipped to EUR 748 million or EUR 0.63 per share from last year's EUR 860 million or EUR 0.72 per share. SAP said the latest results included EUR 0.01 per share in restructuring charges related to previously announced job cuts.
SAP's U.S. GAAP total revenues for the fourth quarter declined 9% to EUR 3.189 billion from last year's EUR 3.487 billion. Non-GAAP total revenues were EUR 3.19 billion, compared with EUR 3.51 billion last year.
The company had 47,578 employees at the end of fiscal 2009, compared with 51,536 a year-ago. SAP added that it would discontinue its U.S. GAAP reporting and would only report financial data under IFRS from fiscal 2010 onwards.
The company said that it expects full-year 2010 non-IFRS software and software related service revenue to increase 4%-8% at constant from EUR 8.2 billion reported in 2009. The company expects its full-year 2010 non-IFRS operating margin to be 30%-31% at constant currencies, compared to 27.4% in 2009.
SAP closed Friday's last trade on the New York Stock Exchange at $45.96, down $0.29 or 0.63%. In the afterhours the stock traded down $0.98 or 2.13%.
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