SAP has appointed Airbus’ Dominik Asam as CFO, replacing longtime CFO Luka Mucic at the German software giant.
Asam is expected to take office in March 2023 after stepping down from his current positions as CFO and member of the Executive Committee at Airbus, Europe 52.1 billion euros ($52.9 billion) in sales aerospace business.
Asam is “the right person to continue driving SAP’s successful cloud transformation,” said Hasso Plattner, SAP co-founder and chairman of the SAP supervisory board.
Asam’s experience includes senior positions at Goldman Sachs, Siemens and semiconductor manufacturer Infineon.
Outgoing CFO Mucic has led the finance team at SAP for eight years, a difficult time for the business applications superpower. In fall 2020, the software company’s Stocks suffered a massive hit as it lowered the profit and sales outlook for the full fiscal year.
SAP’s response was to try to accelerate its customers’ move to the cloud, a move that culminated in SAP’s adoption RISE with SAP initiative, in which it pledged to stand in front of cloud transitions on behalf of customers and manage relationships with hyperscalers and consulting partners.
In advance of the start, explained Music why SAP had a difficult balance in moving customers from seat-based licenses to a subscription model in the cloud. The move “had a very significant negative impact on margins because the profitability of these cloud businesses was lower than that of our on-premises business,” Mucic said at the time.
“We will be moving large parts of our ERP customer base from on-prem to the cloud, moving them out of the upfront software licensing model and into the eligible subscription licensing model,” he added.
But the long-term goal for SAP was to “increase customer lifetime revenue” with the subscription model. In many cases, getting a share of the IT infrastructure and operational services effectively expanded SAP’s “share of the wallet” with customers, Mucic said at the time.
Speaking at the meeting of world leaders in Davos in May, warned Asam that the trend towards reversing globalization could threaten large economies and push up inflation.
“If a significant chunk of the decades-long productivity gains driven by globalization were reversed in a short space of time, it would send inflation skyrocketing and lead to a large, protracted recession,” he said. “Precisely because of this, I believe that major economic powerhouses will come to the conclusion that they must do everything they can to avert such a devastating scenario.” ®
https://www.theregister.com/2022/08/31/sap_cfo_dominik_asam/ SAP selects Airbus CFO Dominik Asam as next CFO • The Register