Co-CEO of SAP to step down
SAP Co-CEO Jim Hagemann Snabe will step down to take roll on supervisory board
NEW YORK (AP) -- Business software maker SAP AG said Sunday that its Co-CEO Jim Hagemann Snabe will give up that role next year and stand for election to the SAP supervisory board at the company's annual meeting in May 2014.
The move will leave co-CEO Bill McDermott as head of the company.
In a statement Hagemann Snabe said he wanted to be closer to his family after more than 20 years with SAP. Hagemann became co-CEO of SAP, based in Walldorf, Germany, with McDermott in 2010, when they replaced Leo Apotheker.
Before that, Hagemann Snabe was head of product development. He joined the company in 1990.
The proposal to make McDermott sole CEO needs the support of at least a quarter of SAP's shareholders.
The company said Thursday its net profit grew 10 percent in the second quarter despite an economic slowdown in Asia. Most of SAP's revenue still comes from selling and maintaining software that runs on companies' own computers. But it has been making a major push into cloud computing — in which software runs on SAP servers and companies pay subscription fees to use it via the Internet.
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