In support of the recent appointments (http://www.sap.com/...) of Co-CEOs Jim Hagemann Snabe and Bill McDermott, SAP AG (NYSE: SAP) announced subsequent changes to its Executive Board and management structure. In today's meeting of the SAP Supervisory Board the following decisions were made:
- Gerhard Oswald, Executive Board member responsible for SAP Global Service & Support, has also been named chief operating officer, replacing Erwin Gunst, who stepped down for health reasons. Oswald's nearly thirtyyear career at SAP has spanned the areas of support, consulting, education, custom development and quality control. He has been an Executive Board member since 1996. His contract has been extended until December 31, 2011.
- In addition, Peter Lorenz, executive vice president of Small and Midsize Enterprises (SME), has been named a corporate officer. He will continue to report to Co-CEO Jim Hagemann Snabe, overseeing the development of the SAP portfolio of SME solutions, SAP Business ByDesign, SAP Business One and SAP Business Allin-One.
- The SAP Supervisory Board has accepted the resignation of John Schwarz, member of the Executive Board responsible for SAP BusinessObjects, Ecosystem & Corporate Development, effective immediately.
"The new composition of the SAP Executive Board and management changes will support the leadership structure of the co-CEOs announced earlier in the week," said Hasso Plattner, chairman of the SAP Supervisory Board. "We regret that John Schwarz has decided to leave the company. He has been instrumental in achieving the successful integration of Business Objects into SAP in record time and helping to build out SAP's market leadership in business intelligence. We would like to thank John for his dedication and contribution to SAP and wish him well for his future endeavors."
"I am very proud of all that we achieved as Business Objects and the continued success of our portfolio since our acquisition by SAP," said John Schwarz. "With the new SAP leadership team in place, the future of SAP is in capable hands. My decision to leave gives me an opportunity to step back and think through how I can continue to contribute to an industry of which I have been part for 38 years. I am proud of what we have accomplished and confident about the future direction of the company, and I strongly believe that SAP BusinessObjects will play a vital role in SAP's future success."
Any statements contained in this document that are not historical facts are forwardlooking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forwardlooking statements. SAP undertakes no obligation to publicly update or revise any forwardlooking statements. All forwardlooking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forwardlooking statements, which speak only as of their dates.
Copyright © 2010 SAP AG. All rights reserved.
SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.
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- Gerhard Oswald, Executive Board member responsible for SAP Global Service & Support, has also been named chief operating officer, replacing Erwin Gunst, who stepped down for health reasons. Oswald's nearly thirtyyear career at SAP has spanned the areas of support, consulting, education, custom development and quality control. He has been an Executive Board member since 1996. His contract has been extended until December 31, 2011.
- In addition, Peter Lorenz, executive vice president of Small and Midsize Enterprises (SME), has been named a corporate officer. He will continue to report to Co-CEO Jim Hagemann Snabe, overseeing the development of the SAP portfolio of SME solutions, SAP Business ByDesign, SAP Business One and SAP Business Allin-One.
- The SAP Supervisory Board has accepted the resignation of John Schwarz, member of the Executive Board responsible for SAP BusinessObjects, Ecosystem & Corporate Development, effective immediately.
"The new composition of the SAP Executive Board and management changes will support the leadership structure of the co-CEOs announced earlier in the week," said Hasso Plattner, chairman of the SAP Supervisory Board. "We regret that John Schwarz has decided to leave the company. He has been instrumental in achieving the successful integration of Business Objects into SAP in record time and helping to build out SAP's market leadership in business intelligence. We would like to thank John for his dedication and contribution to SAP and wish him well for his future endeavors."
"I am very proud of all that we achieved as Business Objects and the continued success of our portfolio since our acquisition by SAP," said John Schwarz. "With the new SAP leadership team in place, the future of SAP is in capable hands. My decision to leave gives me an opportunity to step back and think through how I can continue to contribute to an industry of which I have been part for 38 years. I am proud of what we have accomplished and confident about the future direction of the company, and I strongly believe that SAP BusinessObjects will play a vital role in SAP's future success."
Any statements contained in this document that are not historical facts are forwardlooking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forwardlooking statements. SAP undertakes no obligation to publicly update or revise any forwardlooking statements. All forwardlooking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forwardlooking statements, which speak only as of their dates.
Copyright © 2010 SAP AG. All rights reserved.
SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.
Follow SAP on Twitter at @sapnews (http://twitter.com/sapnews)
