Leadership Shakeup Continues At Germany's SAP

Less than a week after the surprise resignation of its CEO, German software maker SAP AG said board member John Schwarz had resigned and a new COO was named.

NEW YORK (AP) -- Less than a week after the surprise resignation of its CEO, German software maker SAP AG said board member John Schwarz had resigned.

The company on Thursday also named a new chief operating officer.

The changes in leadership were announced by the newly installed co-CEOs, who took over after CEO Leo Apotheker resigned Sunday.

Last month, SAP, which develops programs for corporate payrolls, inventory management and accounting, said its fourth-quarter net income fell 12 percent to $995.3 million.

The company said Thursday that Gerhard Oswald, a board member since 1996 who has overseen the company's service and support business, would succeed Erwin Gunst as chief operating officer. The company said Gunst, who has had the job since 2008, stepped down for health reasons.

SAP spokesman Saswato Das said Schwarz had overseen the now-completed integration of SAP and Business Objects, a company Schwarz headed before SAP bought it in 2008.

SAP stock fell 51 cents, or 1.2 percent, to $42.81.

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