(News Bulletin 247) – The Spanish healthcare specialist Grifols announced on Monday the adoption of new corporate governance that will give full powers to Thomas Glanzmann, the group’s new strongman.

Glanzmann, who had already assumed the role of executive chairman, has been entrusted with the role of managing director with immediate effect, which will allow him to set the strategic direction of the Barcelona-based group from now on.

This development means that Victor Grifols Deu, who until now held the position of CEO, will become operational director, a function which will give him the day-to-day management of the company’s activities.

Raimon Grifols, the current executive vice-president, will become responsible for the company (Chief Corporate Officer), which will lead him to focus, for his part, on the company’s subsidiaries.

These changes come as the share price of the family group, created in 1909, has lost nearly 50% of its value in the past 12 months, against a backdrop of high debt and disappointing operational performance.

Grifols, which recently launched a program of cost reductions, will have to launch a number of other measures in order to regain investor confidence, analysts point out.

At Berenberg, it is believed that Grifols, which is one of the world leaders in plasma collection, will in particular have to end its complicated dual listing mechanism, which separates its preferred ‘A’ shares from its ordinary ‘B’ shares. .

At the Paris Stock Exchange, these announcements were received without much enthusiasm on Monday morning, where the action ‘B’ fell by 0.3%.

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