January 31, 2018 / 10:49 PM / 20 days ago

Germany's Software AG names Sanjay Brahmawar as new CEO

(Reuters) - German software group Software AG said it appointed Sanjay Brahmawar as the new chief executive of the company, effective later this year.

Brahmawar, who was named CEO for five years effective Aug. 1, joins the group from IBM’s Watson Internet of Things business in Munich where he currently serves as general manager, according to the statement.

He will succeed Karl-Heinz Streibich, 65, who will step down for age reasons when his contract ends on July 31. He has been CEO since 2003.

The Darmstadt, Germany-based company said earlier in the month its adjusted earnings before interest, tax and amortisation (EBITA) rose by 9 percent in the fourth quarter to 98.4 million euros ($122.08 million).

Germany’s No.2 business software maker has from Jan. 1 split out its IoT/Cloud business into a separate division.

Reporting by Kanishka Singh in Bengaluru; Editing by Peter Cooney

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