Leo Apotheker quits as SAP CEO

Leo Apotheker has resigned as CEO and executive board member of global software giant SAP after 20 years with the company.

In a statement the company said it has replaced Apotheker with two Co-CEOs: Bill McDermott (head of field organisation) and Jim Hagemann Snabe (head of product development).

No explanation for the Apotheker's sudden departure was given by SAP but a media and analyst briefing is expected soon.

“The new setup of the SAP Executive Board will allow SAP to better align product innovation with customer needs. The new leadership team will continue to drive forward SAP’s strategy and focus on profitable growth, and will deliver its innovations in 2010 to expand SAP’s leadership of the business software market,” SAP co-founder Hasso Plattner said in a statement.

CTO Vishal Sikka has also been appointed to the executive board as a result of the developments.

The news comes shortly after , with net income dropping 12 per cent from its record level a year earlier.