Software company SAP on Wednesday announced that former Deloitte Global CEO Punit Renjen is in line to be the company's next chairman. His name has been proposed for the post. If selected he will succeed co-founder Hasso Plattner, whose term will expire in May 2024. The announcement said that Renjen has been proposed by SAP's board to run for election as a new member of the supervisory board.

Share Market Live

NSE

Renjen served as worldwide CEO of Deloitte from 2015 until the end of 2022. Along with four other former IBM employees, Plattner co-founded SAP in 1972. He left active management in May 2003 to become chairman of the supervisory board.

Despite opposition from shareholder representatives, the 79-year-old was re-elected for a two-year term in 2022 and pledged at the time to nominate a successor at least six months in advance.

At SAP's annual general meeting on May 11, shareholders will elect Renjen, and that decision will start the handover procedure.

Who is Punit Renjen ?

Punit Renjen served as Deloite's CEO from 2015 until the end of 2022. Under his leadership, Deloitte's revenue witnessed a jump from $35 billion to more than $59 billion in seven years.

Renjen also spearheaded WorldClass — a global effort to prepare 100 million underprivileged people for multiple opportunities and WorldClimate initiative, an effort to reduce greenhouse gas till 2030 as validated by the Science Based Targets initiative (SBTi).

Also read: Carnegie Corporation recognises Deloitte Global CEO Punit Renjen as 'Great Immigrant, Great American'

"The Deloitte Global Board and I want to thank Punit for leading Deloitte to extraordinary growth and meaningful societal impact and for his decades of commitment to the organisation," said Sharon Thorne, Deloitte Global Board Chair.

Before taking over the CEO role, he served as the Deloitte US member firm Chairman. Before that, Renjen served as the CEO of Deloitte Consulting LLP in the United States, where the consulting practice experienced tremendous growth during his tenure despite the recession.

Renjen grew up in India and holds a master's degree in management with honours from Willamette University.

Last year in November, Deloitte Touche Tohmatsu Limited (Deloitte Global) announced the selection of Joe Ucuzoglu as its new CEO, replacing Punit Renjen. The new CEO is expected to take over his role in January next year.

Also read: Punit Renjen, Deloitte Global’s first Indian-origin CEO, welcomes Joe Ucuzoglu to take over as he retires

First Published:Feb 23, 2023 1:40 PM IST