SAP: Co-CEO Jim Hagemann Snabe to step down: a change in continuity
BUY, Fair Value EUR69 (+24%)
Yesterday evening SAP announced co-CEO Jim Hagemann Snabe will step down from his position and be proposed for election to the Supervisory Board at the next AGM in May 2014. Consequently, the other co-CEO, Bill McDermott, will become sole CEO. While some investors do not like change, we believe this one is just a change in continuity and will not be a burden on the way SAP is run. All the key managers are in place (Bill McDermott as CEO, Vishal Sikka as CTO, Rob Enslin as COO, etc.) and co-founder Hasso Plattner is still there as head of the Supervisory Board.
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