SAP SE‘s (NYSE:SAP) supervisory board has nominated Finnish businessman Pekka Ala-Pietila to stand for election as a new member of its supervisory board and proposes Ala-Pietilä as the designated successor to Chairman Hasso Plattner.
Also, SAP has mutually agreed with Punit Renjen to part ways because of a difference in perspective on the role of the SAP Supervisory Board chair, which he was designated to assume.
Notably, in February 2023, SAP nominated Renjen to stand for election as a new member of the Supervisory Board and proposed Renjen as the designated successor to Chairman and co-founder Hasso Plattner.
Renjen has chosen to resign his mandate on the Supervisory Board from the end of SAP’s Annual General Meeting on May 15, 2024.
Ala-Pietila will stand for election for a two-year term at the next Annual General Meeting and, if elected, will take the role of chair.
Ala-Pietila, with a track record in European innovation and technology, currently serves on several European corporate boards, including as Chairman of the Supervisory Board of the Dutch multinational location intelligence company HERE Technologies.
Last month, SAP reported revenue growth of 5% Y/Y to €8.468 billion and non-IFRS EPS (basic) from continuing operations increase of 44% Y/Y to €1.41.
The company disclosed plans to implement a company-wide transformation program this year, focusing on business AI.
Also Read: Germany’s SAP Opts Out Of Tesla Fleets — But Back Home, New Hampshire’s Dartmouth College Embraces Model Ys
Price Action: SAP shares are trading lower by 1.15% at $179.47 premarket on the last check Monday.
Photo via Wikimedia Commons
