SAP co-CEO Jim Hagemann Snabe to step down

Jim Hagemann Snabe is stepping down as co-CEO of SAP, to spend more time with his family. Subject to shareholders’ approval, his decision could mean that co-CEO Bill McDermott will lead the company as its sole chief executive from May 2014.

The changes at the top could see a greater focus on sales at SAP. In the last quarter, the enterprise software company reported that total profit after tax for the quarter was up 10% to €724n, compared with €661m for the second quarter last year. The company also recently raised its basic annual maintenance fee to 19% while keeping its premium maintenance fees at 22%.


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