Updated from 10:54 a.m. EDT
SAN FRANCISCO --
raised its dividend Wednesday and announced a successor to its chief executive.
The software giant's board proposed a dividend of 0.50 euro, or 78.5 cents a share at current exchange rates. That compares to a dividend awarded in May 2007 of 0.46 euro, or 62.2 cents a share at exchange rates then prevailing. The dollar has since fallen against the euro. The dividend is to be paid June 4 following approval by shareholders.
Also, effective immediately, Deputy CEO Leo Apotheker will become co-CEO of SAP with current CEO Henning Kagermann and will eventually succeed him, the company announced.
American depositary shares of SAP were down 36 cents, or 0.7%, to $49.29 in recent trading.
Kagermann asked that Apotheker be appointed co-CEO "in order to prepare him as successor in the best possible way during the remainder of Henning's tenure," Hasso Plattner, SAP supervisory board chairman, said in a statement.
Kagermann, who joined SAP in 1982, is expected to retire in May 2009. Apotheker, who joined the company in 1988, was promoted to deputy CEO in March 2007.
The supervisory board also added three senior managers to the executive board. Appointed were Bill McDermott, President and CEO of SAP America and Asia/Pacific, Jim Hagemann Snabe, general manager for industry solutions, and Erwin Gunst, president of Europe, Middle East and Africa, who was also named chief operating officer.
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