NEW YORK (TheStreet) -- SAP's (SAP) stock is falling today on worries that a higher euro will hit revenue from the company's cloud-computing business and that Vishal Sikka, a key technology executive, is leaving.
But while U.S. analysts see a management in disarray, for Europeans, it's merely a management in transition.
Sikka -- who led development of HANA flagship database product -- is leaving for the dreaded "personal reasons" as American Bill McDermott is expected to be made sole CEO of the German software maker, pending a shareholder vote.
American depositary receipts of SAP were trading at $77.93, down 2.6%, at around 9:45 a.m. on Monday. The ADRs have fallen 10.5% so far this year, compared with a 1% rise for the S&P 500.
Last month, SAP reported first-quarter sales and earnings that both missed analysts' estimates, but in a technological sense, SAP is not doing badly. The shortfall came about because customers are switching to online, cloud-based software, represented by the HANA platform.
Meanwhile, SAP's big U.S. database rival, Oracle (ORCL), is also going through a generational management transition. McDermott, 51, is SAP's answer to Oracle co-president Mark Hurd, 57.
Hasso Plattner, SAP's co-founder who is now 70, is similar to Oracle co-founder Larry Ellison, who is 69. But while Ellison remains Oracle's CEO, Plattner has stepped down from active management, becoming chairman of SAP's supervisory board.