SAP chief executive resigns

Software giant will be led by two top board executives

Leo Apotheker's surprise resignation was announced on Sunday

SAP chief executive officer Leo Apotheker resigned over the weekend by “mutual consent” after a 20-year career at the software firm.

Apotheker will be replaced by head of field organisation Bill McDermott and head of product development Jim Hagemann Snabe. Both managers already held board positions.

The resignation is effective immediately, but Apotheker’s contract was to expire at the end of 2010.

According to the Financial Times, one of the reasons for the resignation is the company's delay in the introduction of a new online-based platform for small and medium-sized companies.

Last month, SAP reported fourth-quarter revenue from software and software-related services down 28 per cent to €2.48bn (£2.17bn) year on year, with total revenue down eight per cent to 10.7 per cent.

The company underperformed in its second and third fiscal quarters and expectations were lowered in the fourth quarter to reflect difficult market conditions.