GO
Loading...

SAP co-CEO Snabe denies friction as he steps down

The co-CEO of software giant SAP Jim Hagemann Snabe has denied any friction with the firm's other CEO Bill McDermott after announcing on Monday that he will step down as joint head of the company.

Snabe is to move to the firm's supervisory board next May, citing personal reasons. SAP shares were down 1 percent on Monday.

"The last three years some of the most exciting years of my career," Snabe told CNBC on Monday, adding that he hadn't seen enough of his family during that time.

He also said he will use his experience in a supervisory role and help develop other people at the firm.

(Read More: China slowdown weighs on tech giant SAP)

Co-CEO Bill McDermott is to take over sole control of the company.

"We've grown a unique partnership and friendship...SAP is stronger than ever," Snabe said, referring to his relationship with McDermott.

The company announced on its website on Monday that the supervisory board had agreed to propose that Co-CEO Jim Hagemann Snabe be elected to the board at the annual general meeting of shareholders in May 2014. But that is subject to support by at least 25 percent of SAP's shareholders.

The German firm on Thursday cut its outlook for its software revenue this year, citing weak growth in the Chinese market and the slow transition to cloud technology.

(Read More: SAP CEO Sees Cloud Opportunity as Earnings Miss)

It said it expected revenues from software to grow by at least 10 percent this year, compared with a previous forecast for 11 to 13 percent growth.

By CNBC.com's Matt Clinch. Follow him on Twitter @mattclinch81.

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Europe Video

  • Steve Pollard of Marex Spectron says coffee shipments from Brazil have been higher than expected, due to previous years' surpluses.

  • Every time the oil price looks positive or stable "out comes something negative," says Richard Mallinson, analyst at Energy Aspects.

  • Russia has been dominating the news recently and its economy is not looking good. Anastasia Nesvetailova, director at City University's political economy research centre explains more.