SAP Picks Pekka Ala-Pietila to Succeed Chairman Plattner
By Mauro Orru
SAP nominated former Nokia President Pekka Ala-Pietila to succeed long-time Chairman Hasso Plattner following a disagreement with Punit Renjen, whom the group had initially tapped to replace Plattner.
The German business-software company said late on Sunday that Ala-Pietila would stand for election for a two-year term at the company's annual general meeting on May 15 and assume the role of chairman if elected. Renjen will resign his mandate on the supervisory board at the end of the meeting.
"SAP and Dr. h.c. Punit Renjen have mutually agreed to part ways because of a difference in perspective on the role of SAP Supervisory Board chair, which Punit Renjen was designated to assume," the company said in a statement.
The group had nominated Renjen to succeed Plattner last year. Plattner co-founded SAP in 1972 with Dietmar Hopp, Claus Wellenreuther, Klaus Tschira, and Hans-Werner Hector, and served as chairman since 2003.
Ala-Pietila served as president of Nokia from 1999 to 2005 and has been a member of SAP's supervisory board from 2002 to 2021.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
February 12, 2024 01:51 ET (06:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations