Germany-based software company SAP has named former Deloitte CEO Punit Renjen as designated supervisory board chairman to succeed co-founder Hasso Plattner, whose term will expire in May 2024 after two decades.
SAP’s board nominated 61 year-old Punit Renjen, CEO of Deloitte during 2015-2022, to stand for election as a new member of SAP’s supervisory board at its annual general meeting on May 11, adding this would trigger the handover process.
“With extensive experience as a highly successful CEO of one of the world’s largest consulting firms, Punit brings valuable insights and expertise to the board,” Hasso Plattner said in a news statement.
“His deep understanding of our customers’ needs, and the broader industry make him an ideal candidate for Chairman of the Supervisory Board from 2024 onwards,” Hasso Plattner added.
Hasso Plattner, who co-founded SAP in 1972 alongside four other former IBM employees including Dietmar Hopp, Claus Wellenreuther, Klaus Tschira, and Hans-Werner Hecto, stepped down from active management in May 2003 to head the supervisory board after serving as SAP’s CEO since 1997.
Hasso Plattner owns a 6.16 percent stake in SAP which is currently worth 8.23 billion euros ($8.73 billion), and said he would remain committed to the company as an “investor with an unchanged stake”.
The 79-year-old was re-elected for two years in 2022 despite resistance from shareholder representatives, and promised at the time to present a successor at least six months before the end of his term.
SAP said that under Punit Renjen’s lead, Deloitte’s sales grew to $59 billion from $35 billion in just seven years, calling his track record impeccable.
