Indian American Punit Renjen Gets Key Role At Top German Firm SAP

Indian American and former Deloitte Global CEO Punit Renjen has been appointed a member of the prestigious SAP Supervisory Board and named its deputy chairperson. With this he became the first non-German to chair a DAX40 company, and that too which tops the chart in market cap.

The handover process from current Chairman Prof Dr h. c. mult. Hasso Plattner to Punit Renjen as the designated successor of the Chairman of the Board has started, SAP said. The election of Mr Renjen, 61, was supported by 99.21 per cent of the shareholders.

"We believe that Punit Renjen is an excellent candidate who, with his outstanding expertise, his many years of experience in a global company, and his valuable knowledge of many industries, represents a gain for SAP and our Supervisory Board. And we all find him to be an extremely suitable and capable candidate to take over my role as chairperson of the Supervisory Board in the future," said Hasso Plattner, the company co-founder and its current Chairman.

Plattner is scheduled to leave the SAP Supervisory Board when his current mandate expires after the 2024 AGM. As a first step in this process, in a meeting immediately following the latest AGM, the Supervisory Board elected Punit Renjen as its Deputy Chairperson.

"I am very thankful for the trust SAP shareholders put in me. I am looking forward to working with talented colleagues around the world to ensure SAP strengthens its position as an enterprise application leader in the cloud," Mr Renjen said.

Mr Renjen has been the Deloitte Global CEO since 2015 and will remain so until his retirement on December 31. As 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.

Jennifer Li, 55, and Dr Qi Lu, 61, were re-elected as members of the supervisory board with 91.65 per cent and 91.60 per cent of the vote, a media release said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)