Grifols shares led the falls of the Ibex 35 in the early stages of the session this Wednesday with a decrease of more than 6% after accepting the resignation of the company’s until now executive president, Steven F. Mayer, for reasons health and personal, and appoint Thomas Glanzmann to the post.

Specifically, the company’s titles fell 6.1% around 9:30 am, until exchanging at a price of 13.48 euros.

Mayer was appointed on September 30 with the aim of accelerating the execution of the company’s strategic plan, and Grifols has assured that the appointment of Glanzmann “reinforces this commitment to continue executing the company’s long-term strategy.”

Glanzmann has been a director of the company since 2006 and vice-chairman of the board of directors since January 2017, and has an extensive professional career linked to the plasma industry, having held, among other positions, the presidency of Baxter Bioscience and the European Biotech Group , or served as CEO of Immuno International.

Members of the board of directors have pointed out that Glanzmann’s appointment will be key “to implement the necessary actions to ensure future growth.”

Raimon Grífols Roura has been appointed Vice Chairman of the Grifols Board of Directors as successor to Thomas Glanzmann, a responsibility that he will combine with his current duties as Joint Chief Executive Officer.

The board has also approved the appointment of James Costos as a member and Chairman of the Sustainability Committee to replace Thomas Glanzmann and his dismissal as a member and Chairman of the Appointments and Remuneration Committee, in which he will be replaced by Carina Szpilka, who will combine with her current responsibilities as Independent Coordinating Director and member of the Audit Committee.

Grifols announced last week an operational improvement plan with which it foresees cost savings of 400 million euros per year from 2024 and which includes an 8% reduction in the workforce, with layoffs mainly in the United States, although a hundred will be in Spain.

Specifically, it contemplates the dismissal of 2,000 employees in the plasma business workforce in the United States and another 300 in corporate functions –among which are the approximately 100 in Spain–.

The plan focuses on three main areas: optimizing plasma costs and operations, streamlining corporate functions, and other efficiency improvements across the organization, and is scheduled to begin in the first quarter of this year.

The company anticipates that most of the measures will have been implemented before the last quarter of this year and expects an impact of 100 million euros of savings in the 2023 income statement; while the rest will be reflected in the results of 2024.

The company has the objective of reducing the cost per liter through the promotion of digitization, “optimizing compensation for donors”, closing inefficient donation centers -18 have already been closed- and a reduction in controls.