Punit Renjen, a former Deloitte CEO, has been named as designated supervisory board chairman to succeed co-founder Hasso Plattner at SAP software company.
Plattner’s term expires in May 2024 after more than two decades at the helm.
SAP’s supervisory board nominated the 61-year-old Renjen, CEO of Deloitte from 2015 until the end of 2022, to stand for election as a new member of the board and proposed him as the designated successor to Plattner.
New leadership at SAP
The annual general meeting is scheduled for May 11. Upon election, the handover process by Plattner, whose term expires in May 2024, to Renjen would begin.
In a statement, Plattner said: “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. 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.
“While we are now the number one enterprise application company globally, I will continue to chair SAP with passion and commitment until the baton is passed to the new leader who will take the company to new heights. As an investor with an unchanged stake, I will remain committed to SAP and its mission to help the world run better and improve people’s lives.”
Plattner, 79, co-founded SAP in 1972 alongside four other former IBM employees and has served as chairman since 2003. He served as SAP’s CEO since 1997 and owns a 6.16 percent stake in the company that is currently worth $8.73 billion.
Renjen retired as the global CEO of Deloitte on December 31, 2022. He played a key role in helping Deloitte’s revenues grow from $35 billion to more than $59 billion in seven years.
Renjen said: “I am very pleased to be considered for a role at SAP – an iconic company with a key role in the global economy. At a time when the company is successfully transforming into an enterprise application leader in the cloud and delivering on Hasso Plattner’s original vision of helping the world run better and improving people’s lives, I could not be more excited at the opportunity to help shape the future of a company that has unmatched relevance for global business.”
Born and raised in India, Renjen is a member of the Leadership Council of the World Economic Forum (WEF), and the International Business Council. In 2022, he was recognised by the Economic Times as the ‘Global Indian of the Year’ and by the Carnegie Corporation of America as a ‘Great Immigrant. Great American’.
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