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SAP appoints an ex-Deloitte executive as a chairman candidate to replace its co-founder.

(Reuters) – Berlin/Frankfurt Former Deloitte CEO Punit Renjen has been appointed as the designated supervisory board chairman to replace co-founder Hasso Plattner, whose tenure will end in May 2024 after two decades.

SAP’s board proposed Renjen, 61, who was CEO of Deloitte from 2015 until the end of 2022, to compete for election as a new member of SAP’s supervisory board at its annual general meeting on May 11, triggering the handover process.

“Punit adds valuable views and knowledge to the board with his vast experience as a highly successful CEO of one of the world’s biggest consulting companies,” Plattner said in a statement late Wednesday.

SAP shares climbed slightly on the news, up 1.2% at 0840 GMT on Thursday, suggesting that the 79-year-old’s departure was not completely unexpected by investors. The share price increase was consistent with the European technology industry, but it beat Germany’s blue-chip DAX.

“His deep knowledge of our customers’ requirements as well as the wider business makes him an excellent candidate for Chairman of the Supervisory Board beginning in 2024,” Plattner added.

After acting as SAP’s CEO since 1997, Plattner, who co-founded SAP in 1972 with four other former IBM (NYSE:IBM) employees, stood down from active management in May 2003 to lead the supervisory council.

He holds 6.16% of SAP, which is presently worth 8.23 billion euros ($8.73 billion), and has stated that he will stay an “investor with an unaltered share” in the business.

Plattner was re-elected for a second term in 2022, despite opposition from shareholder representatives, and vowed to propose a successor at least six months before the end of his tenure.

SAP stated that under Renjen’s leadership, Deloitte’s revenue increased from $35 billion to $59 billion in just seven years, labelling his track record flawless.

SAP announced a payout of 2.05 euros per share for 2022 in a separate announcement. For the prior fiscal year, the business paid 2.45 euros per share, which included a special dividend of 0.50 euros per share.


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