The Indian-American manager made a career for many years at Deloitte.
(Photo: IMAGO/Independent Photo Agency Int.)
Dusseldorf A generational change is imminent on the SAP Supervisory Board: Punit Renjen, head of Deloitte until the end of 2022, is to take over the management. The committee nominated the 62-year-old for election at the Annual General Meeting on Wednesday evening and proposed him as designated chairman.
After a transitional period, he is to succeed Hasso Plattner, whose term of office ends in May 2024. The youngest of the five SAP co-founders, who has been chief supervisor since 2003, will not stand for re-election at the age of 80. This will initiate a “structured transition” at the top of the supervisory board, the software manufacturer explained in a statement.
For SAP, the personnel is a turning point: Plattner is considered a defining figure at the software manufacturer. The graduate communications engineer co-founded the company 51 years ago and was long regarded as a technical pioneer. From 1997 to 2003 he was Spokesman of the Management Board, after which he took over the management of the Supervisory Board.
With the planned change at the top of the supervisory board, SAP is responding to the criticism of some – especially German – investors. In recent years, you have repeatedly called for succession planning for the top of the supervisory board. Plattner, on the other hand, argued in 2019 that continuity was important due to the troubled Corona period.
Plattner praised his designated successor for having led one of the world’s largest consulting firms “very successfully”. “His in-depth understanding of the needs of our customers and the industry as a whole makes him an ideal candidate to chair the Supervisory Board from 2024.”
The software group is planning a generation change at the top of the supervisory board.
(Photo: via REUTERS)
Punit Renjen made a career at Deloitte
The manager, born in 1961, grew up in the northern Indian city of Rohtak. In 1984, after earning a degree in economics and a job at a manufacturer of sewing machines and other household appliances, he received a scholarship to study for an MBA in the USA. At that point he had never left his homeland.
Renjen got a job at Touche Ross, which later became part of Deloitte. He quickly made a career in the auditing and consulting firm. The Indian-American manager managed various areas and was head of the US subsidiary before assuming responsibility for the entire group as “Global CEO” in 2015. With him at the helm, the network increased revenue from $35 billion to $59 billion.
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Alongside providers such as Accenture, Capgemini and Infosys, Deloitte is one of SAP’s major partners. The management consultancy advises and supports customers with the introduction of the software manufacturer’s products. SAP boss Christian Klein and Renjen know each other from this time. So last year they decided to cooperate on the subject of sustainability, with technology from Walldorf as the basis.
Punit Renjen is to take over from Gesche Joost. The professor for design research at the Berlin University of the Arts is leaving the supervisory board after eight years. Also up for election as capital representatives are Jennifer Xin-Zhe Li (55), head of Baidu’s investment arm, and Qi Lu (61), founder of Chinese venture capitalist Miracle Plus.
More: SAP is cutting 3,000 jobs with its restructuring program.