| Description: SAP was founded in 1972 as Systemanalyse und Programmentwicklung by five former IBM engineers in Mannheim (Dietmar Hopp, Hasso Plattner, Klaus Tschira, Claus Wellenreuther and Hans-Werner Hector). The acronym was later changed to stand for Systeme, Anwendungen und Produkte in der Datenverarbeitung ("Systems, Applications and Products in Data Processing"), in 1976 SAP GmbH was founded; the next year its headquarters was moved to Walldorf and since the 2005 annual general meeting the company's official name is just SAP AG. Henning Kagermann became the sole CEO of SAP in 2003.[1] In February 2007 Mr. Kagermann's contract was extended until 2009. Based on this decision, Shai Agassi, Member of the Executive Board, has left the organization. Mr. Agassi had been named as the successor of Kagermann. |
