Grifols casts line at Bank of America, reels in new financial director to tackle debt reduction challenge

Grifols, a Catalan company, has recently made changes in its top management by hiring 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.

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 and Wales and holds degrees from the London School of Economics and Political Sciences and the ENPC School of International Management. Srinivasan’s expertise in areas such as audit, corporate finance, and capital markets will be valuable in driving Grifols’ financial strategy.