SAP Nominates Former Deloitte CEO As Chairman, Succeeding Co-Founder

SAP SE SAP has nominated Punit Renjen to stand for election as a new member of the Supervisory Board and proposes Mr. Renjen as the designated successor to Chairman Hasso Plattner.
The shareholders will decide at the Annual General Meeting on May 11, 2023.
Plattner's term expires in May 2024.
Hasso Plattner (79), who co-founded SAP in 1972 with Dietmar Hopp, Claus Wellenreuther, Klaus Tschira, and Hans-Werner Hector, has been Chairman since 2003.
Punit Renjen (61) served as Deloitte Global CEO from 2015 until his retirement on December 31, 2022.
"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," Plattner said.
Reuters notes that investors were not entirely surprised by Hasso Plattner's departure.
He owns a 6.16% stake in SAP which is currently worth €8.23 billion, and said he would remain committed to the company as an "investor with an unchanged stake."
Price Action: SAP shares are down 0.42% at $114.78 during the premarket session on the last check Thursday.