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Grifols (NASDAQ:GRFS) shares traded higher on Friday after the Spanish plasma therapeutics company named Bank of America (BAC) executive Rahul Srinivasan, its new Chief Financial Officer (CFO).
Srinivasan will assume duties effective September 16, 2024, replacing outgoing CFO Alfredo Arroyo, who recently announced his retirement after 17 years of service.
The new appointment comes as Grifols (GRFS) is reeling from the aftermath of a recent short-seller report in which the hedge fund Gotham City accused the company of manipulating its financial results related to leverage.
"Srinivasan will lead the company's overall financial function, including planning, treasury, tax, reporting, and investor relations and sustainability," Grifols (GRFS) said, adding, "he will also be responsible for implementing effective cash-flow strategies and driving debt-management plans."
Srinivasan, a former KPMG executive with expertise in M&A and capital markets, most recently led Bank of America's (BAC) section for leveraged finance and capital markets covering the EMEA region.