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Spain’s Grifols names current chairman as CEO, ending family leadership

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Spain’s Grifols names current chairman as CEO, ending family leadership

By Joan Faus

BARCELONA (Reuters) -Grifols said on Monday its executive chairman Thomas Glanzmann will become its new chief executive with immediate effect, ending the founding family’s executive leadership at a time of turmoil within the Spanish pharmaceutical group.

Glanzmann, who had served as the board’s vice chairman since 2017, was appointed chairman in February after Steven F. Mayer resigned as Grifols’ executive chairman due to health and other personal reasons.

The company had until now two co-CEOs belonging to the Grifols founding family who are set to assume new roles.

Victor Grifols Deu will become chief operating officer and remain a board member, while Raimon Grifols will also retain his spot on the board and take on the post of chief corporate officer.

The Barcelona-based company, which uses blood plasma to make medicines, was severely hit at the start of the pandemic due to plasma shortages. Its 2023 outlook disappointed analysts earlier this year despite recovering its supply.

As it seeks to significantly cut its debt, Grifols said in February it would lay off 8.5% of its workforce with the goal of saving around 400 million euros ($441.7 million) annually.

In a bid to speed up its recovery, Grifols had announced in October of last year that its chairman would have executive powers, limiting the scope of the two co-CEOs at that time.

($1 = 0.9056 euros)

(Reporting by Joan Faus; Editing by David Latona and Louise Heavens)