Helen Giza: CEO of FMC leaves abruptly - shares fall significantly

Munich. Abrupt change at the top of Fresenius Medical Care (FMC). CEO Helen Giza is leaving the Bad Homburg-based company early at the end of the week after almost four years, as FMC announced on Wednesday. She previously served as CFO for three years. The company's shares fell by more than seven percent after the announcement.

According to Handelsblatt information, the step was not made by mutual consent. The board of directors and supervisory board decided unanimously to separate from Giza.

Giza managed the costs properly, but did not have a convincing strategy for the further growth of FMC, company circles said. The strategy presented at the Capital Markets Day did not “work,” it said. After the capital day, the shares fell by 16 percent. The supervisory board therefore had to act after the second quarter.

Under Giza, the group struggled with stagnating treatment numbers in the US market. In recent years, its US competitor Davita has grown significantly faster and overtaken FMC. This disappointed investors.

Analysts and investors particularly cite the comparison with the main competitor Davita. Its disproportionate growth shows that further operational growth and a corresponding increase in value are possible in this market. FMC's subdued operational development and the disappointing share price development increased the pressure on the management and increased calls for a change at the top.

For the years 2025 to 2027, FMC had set itself the target of annual sales growth of around three percent - compared to sector growth of seven percent. Most recently, UBS analyst Graham Doyle downgraded the stock. Five other analysis houses – JP Morgan, Morgan Stanley, BofA, Jefferies and BNP Paribas – currently rate the stock as “sell”.

Giza's successor comes from its own supervisory board. Shervin J. Korangy will take over the position effective October 12, the company said. The contract term is initially five years, as the company announced upon request. The 51-year-old was most recently CEO of the US ophthalmology specialist BVI Medical and has been on the supervisory board of FMC since 2023.

The company is at a turning point, said supervisory board chairman Michael Sen, CEO of major shareholder Fresenius. "The transformation goals of the past few years have largely been fulfilled. In the next growth phase, the company will benefit from a different leadership profile," he said, explaining the change.

In August, the board appointed Cassie McLean to head FMC's top-selling division, Care Delivery. The area primarily includes the global clinical and dialysis business, including the US chain Fresenius Kidney Care. McLean previously worked at Davita for almost 16 years.