Grifols, a Catalan company specializing in blood derivatives, has announced a change in its top management. The company has hired Rahul Srinivasan, a former director from Bank of America, as the new Chief Financial Officer (CFO). Srinivasan is replacing Alfredo Arroyo, who is retiring after 17 years at Grifols.
Prior to joining Grifols, Srinivasan was the head of capital markets and leveraged finance for Bank of America in Europe, the Middle East, and Africa. In his new role as CFO, he will be part of Grifols’ executive committee, reporting to CEO Nacho Abia. Srinivasan will work alongside Alfredo Arroyo during a transition period to ensure a smooth transfer of responsibilities.
Grifols faced challenges related to debt reduction after Moody’s recently downgraded the company’s rating from ‘B2’ to ‘B3′ due to leverage levels and governance issues. Despite selling assets and issuing bonds to reduce debt, Moody’s believes that Grifols’ financial outlook remains uncertain. In response to these challenges, Srinivasan will be tasked with overseeing the company’s global financial operations and implementing cash flow strategies and debt management plans to improve financial performance.
Srinivasan brings over 25 years of experience in finance to Grifols, having held senior management positions at companies like KPMG, Credit Suisse, and Bank of America. He is also a Distinguished Fellow of the Institute of Chartered Accountants in England and Wales and holds a degree in Business Mathematics and Statistics from the London School of Economics and Political Sciences as well as an Executive MBA from the ENPC School of International Management in Paris France.
With this new addition to its team, Grifols aims to improve its financial performance while addressing its debt reduction challenges.