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Home Headlines Spain’s Grifols hires new CEO weeks after damaging short-seller report
2024 02 05T184426Z 2 LYNXMPEK140OG RTROPTP 4 GRIFOLS GOTHAM CITY CNMV

Spain’s Grifols hires new CEO weeks after damaging short-seller report

by Uma Rajagopal
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Spain’s Grifols hires new CEO weeks after damaging short-seller report

MADRID (Reuters) -Spanish pharmaceutical company Grifols hired a new chief executive and two founding family members will leave executive jobs, it said on Monday, four weeks after short-seller fund Gotham City questioned its accounting, triggering a share slump.

Nacho Abia, a former top executive at Tokyo-based medical firm Olympus, will be appointed to the board on Feb. 26. and take over as CEO on April 1, Grifols said in a statement, adding the management restructuring process had started two years ago.

Thomas Glanzmann, who is CEO and executive chairman, will keep his chairman role.

Raimon and Victor Grifols, respectively Chief Corporate Officer and Chief Operating Officer, will voluntarily leave their jobs, though both will remain board members.

“The moves are part of a long-planned, carefully architected corporate governance evolution strategy that Raimon Grifols and Víctor Grifols Deu initiated in 2022,” the statement said, implying the decision was unrelated to the Gotham City report.

The corporate governance changes intend to set “a new standard for family businesses listed on the Spanish Stock Exchange,” the company said.

Since Gotham City issued its report on Jan. 9, suggesting accounting irregularities at Grifols, the company’s shares have lost more than a quarter of their value, or about 2 billion euros ($2.15 billion).

Grifols has filed a lawsuit against Gotham City and its founder Daniel Yu seeking damages.

($1 = 0.9314 euros)

(Reporting by Inti Landauro and Corina Rodriguez; editing by Barbara Lewis)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.