• Thursday, April 18, 2024

Business

Indian-American businessman Punit Renjen in line to succeed Hasso Plattner as SAP SE chair

Punit Renjen (Picture: Punit Renjen LinkedIn profile)

By: Shubham Ghosh

Indian-American businessman and former Deloitte Global CEO Punit Renjen is being considered to be the next chairman of SAP SE, a Germany-based European multinational software company.

The Supervisory Board of SAP has nominated Renjen to stand for election as a new member of thesupervisory board and proposes him as the designated successor to chairman Hasso Plattner.

With his nomination, Plattner, 79, and the supervisory board have initiated the succession process.

With an impeccable track record, Renjen is highly qualified to join the supervisory board of SAP and would be an excellent candidate to eventually take the chair at a time when SAP is undergoing the most fundamental strategic transformation in its 50-year history, the company said in a statement.

“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,” Renjen said.

The 61-year-old served as Deloitte Global CEO from 2015 until his retirement on December 31 last year.

As Global CEO, he developed and executed a strategy that resulted in Deloitte revenues growing from $35 billion to more than $59 billion in just seven years. If approved by the board, Renjen would be the first non-German and also the first Indian to chair a DAX40 company.

The DAX 40 is a German stock market index comprising the 40 biggest companies – by market capitalisation and liquidity – trading on the Frankfurt Stock Exchange (FSE).

The next step is Renjen’s candidacy for the Supervisory Board, which the shareholders will decide upon at the Annual General Meeting on May 11, 2023. Upon election to the SAP Supervisory Board, the handover process by Plattner to Renjen would begin. Plattner’s term expires in May 2024, the company said.

“We are excited to propose Punit Renjen as a new member of the SAP Supervisory Board for a four-year term at the AGM in May 2023. This initiates a structured transition at the helm of the Supervisory Board, ensuring the continuity necessary for our company’s ongoing growth,” said Plattner.

“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,” he said.

Renjen is a member of the Leadership Council of the World Economic Forum (WEF), and the International Business Council.

(PTI)

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