The 79-year-old co-founder Hasso Plattner has chosen a successor as Chairman of the Supervisory Board after a long search. And in doing so, a real heavyweight of the international economy has been chosen: If the majority of shareholders agree, then the former Deloitte boss Punit Renjen is to replace him next year at the head of the supervisory body. At this year's Annual General Meeting on May 11, Renjen is to be elected as a simple member of the Supervisory Board according to Platten's wishes. According to Plattner, this will initiate a "structured transition at the top of the Supervisory Board, which will ensure the necessary continuity for the further growth of the company." He described the 61-year-old Renjen, an American with Indian roots, as an ideal candidate. As a "very successful" CEO of one of the world's largest consulting firms, he brings valuable experience and knowledge to the Supervisory Board.
End of the Plattner era
Bernd Freytag
Business correspondent Rhein-Neckar-Saar based in Mainz.
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Plattner has been Chairman of the Supervisory Board since 2003 and, to the annoyance of many investors, has postponed his succession several times despite his advanced age. As one of five co-founders, who was himself spokesman of the board from 1997 to 2003, he is still more than just a simple supervisor. In the Hasso Plattner Institute in Potsdam, which he founded, which is close to the university, important technological innovations are still being devised for SAP today. Plattner justified the long-delayed transition with the fact that continuity was required, especially in times of crisis.
However, potential candidates also struggled, or were rejected by Plattner. The former CEO Jim Hagemann Snabe, who has long been regarded as his successor, is now Chairman of the Supervisory Board of Siemens, but when Plattner last extended his contract, it was clear to observers that the veteran SAP CEO Gerhard Oswald would not follow him to the top of the supervisory body. Rouven Westphal, finally, a member of the board of the Hasso Plattner Foundation and Plattner's confidant, was elected to the Supervisory Board in 2021, but lacks the expertise and international clout.
With Renjen, Plattner has opted for a real heavyweight. In addition, SAP should increase its visibility in America. Not only is the United States the largest software market in the world, America is also home to major technology investors. The IT flagship group, although the largest software company in Europe and for a long time the highest publicly valued company in Germany, is still struggling in America. If Renjen succeeds in attracting more attention there, this could also help the long-weakening share price. Renjen headed Deloitte from 2015 to the end of 2022, a giant with 415,000 employees, almost four times as many as SAP. During his tenure, he grew revenue from €35 billion to €59 billion, according to SAP, making Deloitte the "leading services company" and one of the best places to work in the world.
Renjen grew up in the northern Indian city of Rohtak. He came to America to study on a Rotary scholarship. He now lives in Ohio. SAP is, in his words, "an outstanding company with a key role in the global economy." He is very pleased to help shape the future of a company that is "of unsurpassed importance" for the global economy.
According to Plattner, the change should not entail any share sales. As an "investor with an unchanged stake," he will continue to support SAP. Punit Renjen is to take over the mandate from Gesche Joost. The Professor of Design Research at the Berlin University of the Arts is leaving the Supervisory Board after eight years. Two board members are standing for re-election: Jennifer Li, founder of Baidu's investment fund, and Qi Lu, also Chinese and founder of venture capitalist Miracle Plus. The shareholders' meeting on May 11 will again take place in Mannheim. In addition, the Group announced on Wednesday that it would increase the dividend by 10 cents to 2.05 euros per share.