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. He will officially assume 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. 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, as stated in a press release from Grifols.
The CFO position is crucial for Grifols as the company is facing challenges related to debt reduction. Moody’s recently downgraded the company’s rating from ‘B2’ to ‘B3′ citing leverage levels and governance issues. Despite selling assets and issuing bonds to reduce debt, Moody’s believes that the financial outlook remains uncertain.
Srinivasan’s responsibilities at Grifols include overseeing the company’s global financial operations including planning, treasury, taxation financial reporting investor relations and sustainability. He will also be tasked with implementing cash flow strategies and debt management plans to improve financial performance. With over 25 years of experience in finance Srinivasan has held senior management positions at companies like KPMG Credit Suisse and Bank of America he is a Distinguished Fellow of the Institute of Chartered Accountants in England Wales with degrees in Business Mathematics and Statistics from London School of Economics Political Sciences and an Executive MBA from ENPC School International Management Paris France
