The departure of the CFO is likely to cause unrest at SAP again.
Düsseldorf At SAP, there is once again a new appointment on the Executive Board: Chief Financial Officer Luka Mucic surprisingly leaves the company. The Supervisory Board had reached an “amicable agreement” with the manager on this, it said in a mandatory announcement Friday evening after the stock market closed. The software manufacturer did not comment on the reasons.
Mucic, whose contract was to run until 2026, will continue to perform his duties as Chief Financial Officer “in full” until March 31, 2023, SAP stressed to the capital market. The supervisory board has already initiated the search for a successor.
“We are incredibly grateful to Luka for his 26 years of service and his commitment to the company,” said Hasso Plattner, Chairman of the Supervisory Board. The CEO Christian Klein praised his experienced colleague as a “wonderful mentor”, who with “intellectual generosity, his strong commitment and principle-based leadership” helped him personally and the company enormously.
In the capital market as well as in the company, the report should attract some attention. In view of the many changes in the Board, Mucic, who has been in office since 2014, is considered a constant. In view of the contract extension two years ago, Chief Supervisor Plattner emphasized that it sends “a clear signal of stability in uncertain times”.
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Mucic enjoys high recognition among investors because he combines expertise with a profound understanding of the business. Especially since the manager also has operational responsibility and, for example, heads the new business unit Business Process Intelligence, which plays a central role in SAP’s strategy. He is also popular with the staff.
Mucic has spent practically his entire professional life at SAP. The lawyer started in the legal department in 1996, but then took on many operational tasks – he was responsible for merger and acquisition activities, headed the “Global Risk Management” department and supervised the operations of the German sales company as Chief Financial Officer. On the advice of his predecessor Werner Brandt, he completed a part-time MBA in the meantime.
The departure of Mucic is likely to cause unrest at SAP again. In recent years, there have been numerous changes in the Board and at the levels below, none of the remaining Board members has been in office for more than four years. The longest-serving CEO is now Christian Klein.
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