New Grifols CFO Appointed to Tackle Debt Reduction Challenges

Grifols, a Catalan company, recently announced changes in its top management by appointing Rahul Srinivasan, a director from Bank of America, as the new CFO. He will be replacing Alfredo Arroyo, who is retiring after 17 years with the company. Srinivasan will officially start his new role on September 16. 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.

As part of Grifols’ executive committee, Srinivasan will report to CEO Nacho Abia and work closely with Alfredo Arroyo during a transition period to ensure a smooth transfer of responsibilities. The CFO position is crucial for Grifols, as the company faces challenges related to debt reduction. Moody’s recently downgraded Grifols’ rating to ‘B3’ from ‘B2′ due to leverage levels and governance issues.

Grifols currently has a debt of 10.948 billion euros, with a debt ratio of 7.9 times EBITDA. The company has taken strategic steps to manage its debt, including selling a stake in Shanghai Raas and issuing senior bonds. Srinivasan will be responsible for leading the company’s financial functions globally, including planning, treasury, tax, financial reporting, investor relations, and sustainability.

Srinivasan has over 25 years of experience in finance and holds senior management positions at companies like KPMG, Credit Suisse