Fresenius Medical Care CFO takes over as CEO amid focus on ‘operational turnaround’

Alexis Juanita

Fresenius Kidney Care Dialysis Center, Newton, NC

J. Michael Jones

Fresenius Medical Care (NYSE:FMS) appointed Helen Giza as CEO, with immediate effect, about a month after the company cut its 2022 outlook and it was reported that activist investor Elliott Investment Management had a 3% stake in the company.

Giza, who previously served as deputy CEO and is currently CFO, is succeeding Carla Kriwet, who is leaving the company at her own request and by mutual agreement due to strategic differences, Fresenius said in a press release on Tuesday.

“The company has great growth potential and is about to undergo a major transformation,” said Kriwet.

Giza will also be a member of the Management Board of Fresenius Management SE. Meanwhile Kriwet has resigned from this position as well.

“In a fundamentally sound industry Fresenius Medical Care now needs to sharpen its focus on the operational turnaround, further drive performance improvements, and focus on its core,” said Michael Sen, chairman of the Fresenius Medical Care Management AG Supervisory Board and CEO of Fresenius SE.

During October end, FMS had cut its net income outlook for 2022 amid higher labor costs and slower than expected recovery in North America business.

Separately, it was disclosed that activist investor Elliott had picked a stake in the German dialysis care provider and the firm believed that structural changes were needed.

FMS -0.80% to $16.08 premarket Dec. 6

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