SAP Says Internal Successor to CFO Brandt Is Likely
Stock Chart for SAP AG (SAP)
SAP AG (SAP), the biggest maker of business-management software, said it will probably name an internal candidate to succeed Chief Financial Officer Werner Brandt when his contract expires next year.
The company will probably pick a candidate from near its headquarters in Walldorf, southwestern Germany, Chairman Hasso Plattner said at a shareholder meeting in the neighboring city of Mannheim today. A recent appointment to SAP’s global managing board points at who the most likely candidate is, he said.
SAP on May 24 nominated Luka Mucic, 41, to that board and tasked him with supporting Brandt, who is set to also assume oversight of human resources when Luisa Deplazes Delgado steps down next month. The contract of Brandt, who has been CFO since 2001, ends in June 2014 and he has said he will leave SAP after that.
“While there is no final decision, it’s becoming clear that an internal candidate will be chosen,” Plattner said. “I’ve learned that it helps if we can observe people in executive functions for a while before they become board members.”
Mucic has a master’s degree in law from the University of Heidelberg and a joint master’s degree in business administration from Mannheim Business School and France’s Ecole Superieure des Sciences Economiques et Commerciales. The executive joined SAP in 1996 and his roles have included overseeing the finances of the company’s German unit.
Plattner also said SAP will be run more globally, addressing shareholder concerns that the company will shift its emphasis ever more to the U.S. and China. There are no intentions to move the headquarters away from Walldorf, Brandt said at the shareholder meeting.
SAP, which aims to increase sales to more than 20 billion euros ($26.2 billion) by 2015, has a market capitalization of about 72 billion euros. Its shares advanced 1.2 percent to 58.58 euros at 3:30 p.m. in Frankfurt trading.
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