SAP names Punit Renjen as designate chairman to succeed co-founder Plattner

SAP’s board has announced the nomination of Punit Renjen, global CEO of Deloitte from 2015 until the end of 2022, to stand for election as a new member of the supervisory board, the statement said. He has been named as designated chairman to succeed co-founder Hasso Plattner, whose term will expire in May 2024.

Punit Renjen has served as Deloitte Global CEO from 2015 to 2022. He also served as a member of the Deloitte Global Board of Directors. Effective December 31, 2022, He retired from Deloitte and became Deloitte Global CEO Emeritus. Deloitte operates in 150 countries, with more than 415,000 professionals and 2022 revenues of $59.3 billion.

"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," Plattner said in a statement.

Hasso Plattner is a German businessman. A co-founder of SAP company, he has been chairman of the supervisory board of SAP SE since May 2003. Plattner set up SAP with four co-founders in 1972. He stepped down as co-chief executive in 2003. He has since been serving as chairman of the company's supervisory board and played an influential role in the company's governance.

He 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.

He has reduced his stake in SAP several times as of 2020, he owned a 5.89% stake, making him the company's largest individual shareholder.

SAP said that under Renjen's lead, Deloitte's sales grew to $59 billion from $35 billion in just seven years, calling his track record impeccable. SAP, in a separate statement, said it would propose a dividend of 2.05 euros per share for 2022.