Channel Daily News

SAP chief’s term extended

WALLDORF, Germany — SAP AG’s supervisory board has extended Henning Kagermann’s tenure as chief executive officer through May 31, 2009, the month of the company’s annual general meeting that year.

“The supervisory board again has expressed its confidence in Henning Kagermann and recognized his extraordinary achievements in leading SAP’s successful strategy of organic growth during his tenure,” said Hasso Plattner, chairman of the SAP Supervisory Board.

“Under his guidance, SAP has significantly extended its global market leadership in the business software space while delivering breakthrough innovation in the software industry. We are committed to further pursuing this successful course.”

Kagermann started his career at SAP in 1982 and was appointed member of the executive board in 1991. Kagermann was co-CEO together with Plattner between 1998 and 2003, thereafter presiding over the company as chief executive officer.

Last month the company announced total revenues for 2006 had increased 10 per cent over 2005. Software revenues were up 10 per cent as well.

But because it didn’t achieve all of its targets, SAP stock dropped from about US$50 to $46 a share on the announcement, and was at $47.68 yesterday.