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Fresenius CEO signals realignment, confirms call with Elliott - FAZ newspaper

October 25, 2022 at 03:02 pm EDT

FRANKFURT (Reuters) - Newly appointed Fresenius CEO Michael Sen said that the company's debt-financed growth strategy cannot continue, in an interview in Frankfurter Allgemeine Zeitung's Wednesday edition.

"In the past everything grew and there were returns. But this model is no longer viable," Sen said, laying out his realignment of the firm following his appointment on Oct. 1.

Regarding Elliott Investment Management's stake in the company announced last week, Sen said: "We have already been in contact with Elliott."

Fresenius management will include the opinion of investors regarding the future of the company in its considerations, he said, adding that no banks had been mandated for the sale of its hospital operator Helios.

(Reporting by Emma-Victoria Farr, editing by)

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	FRESENIUS MEDICAL CARE AG	35.8 EUR	-1.72%	+1.13%	11.4B

Michael Sen

Michael Sen is currently the Chief Executive Officer at Fresenius SE & Co. KGaA, Fresenius Management SE, and the Chairman-Supervisory Board at Fresenius Medical Care AG, Fresenius Medical Care Management AG, and Fresenius Kabi AG.
He previously held the position of Chief Financial Officer at Siemens Healthcare Services Ltd.
Mr. Sen's former positions include Chief Executive Officer-Power & Gas at Siemens AG, Executive Chairman-Supervisory Board at Siemens Healthineers AG, Director at Siemens Gamesa Renewable Energy SA, Chief Financial Officer at E.ON SE, Member-Management Board at Siemens Ltd.
China, Member-Management Board at Siemens Ltd.
(South Korea), Member-Management Board at Siemens Healthcare KK, Member-Management Board at Siemens Japan Holding KK, and Member-Supervisory Board at Uniper SE.
He obtained an MBA from the Technical University of Berlin in 1991.

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