Grifols names new CEO in wake of Gotham City fraud allegations
Thomas Glanzmann will remain only as Executive Chairman as company separate ownership and management
Grifols has announced changes to its directorship to separate management and ownership, following the Gotham City report scandal.
The Catalan pharmaceutical company has decided to appoint Nacho Abia as its new CEO, who comes from the multinational Olympia. He will take over the position from April 1.
Thomas Glanzmann, who until now combined the positions of executive chairman and CEO, will remain only in the first of those positions.
Meanwhile, the Grifols family itself has ended their executive functions, with Raimon and Víctor Grífols no longer acting as Chief Corporate Officer (CCO) and Chief Operating Officer (CCO).
The Grifols will remain on the board as proprietary directors.
Gotham's accusations and Grifols' response
Grifols saw its stock market price plummet on January 9 following a report from hedge fund Gotham City Research that accused the company of manipulating their accounts.
The company's price dropped by as much as 40% during the course of that morning, after it initially appeared on the index without a price.
The report said that the company's shares were worth "zero."
Grifols' CEO denied the fraud allegations and made commitments to improve company governance. Thomas Glanzmann said the claims in the short seller's report were "false."
Grifols announced it will take legal action against the hedge fund for the "significant damage caused" to the pharmaceutical company's finances and reputation.