Fresenius Medical Care tumbles on CEO transition announcement

Investing.com -- Fresenius Medical Care Corporation ADRs (NYSE: FMS) dropped nearly 7% Wednesday after the company announced a leadership transition, with Shervin Korangy set to become CEO effective October 12, 2026.

The dialysis products and services provider said Korangy will succeed Helen Giza, who has served as CEO and Chair of the Management Board for four years. The appointment comes as the company completes its FME25+ transformation program, which reduced its cost base by approximately EUR 1.2 billion.

Korangy, 51, most recently served as CEO of U.S.-headquartered BVI Medical, where he transformed the business into a global leader in surgical eye care. He has been a member of Fresenius Medical Care's Supervisory Board since 2023 and will resign from that position upon assuming the CEO role.

Michael Sen, Chairman of the Supervisory Board, said the company has reached a strategic inflection point. "The transformation of recent years has largely achieved its objectives, and the next phase of growth will benefit from a different leadership profile," Sen stated.

Prior to BVI, Korangy held senior executive roles at Novartis Group AG and spent over 14 years with Blackstone. He holds a Bachelor of Science in Economics from the Wharton School of the University of Pennsylvania.

Giza, 58, led the company through portfolio optimization and organizational restructuring during her tenure. She previously served as CFO for three years before becoming CEO.

Ann Custin has been identified as Korangy's successor on the Supervisory Board, pending court appointment proceedings.

Fresenius Medical Care operates 3,513 dialysis clinics worldwide and provides dialysis treatments for approximately 290,000 patients globally.

Original Article

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