The Bad Homburg, Germany-based dialysis provider instead named Deputy CEO and CFO Helen Giza as the division’s next CEO.
When announcing Kriwet’s promotion and Giza’s new role of deputy CEO in May, Fresenius said it would enter into a new 5-year employment contract with Giza. Kriwet was set to replace longtime CEO Rice Powell on Jan. 1, 2023, with him stepping down as CEO of Fresenius Medical Care on Dec. 31 after hitting the company’s age limit.
But Kriwet took over on Oct. 1 with Giza assuming “certain functions of the role of chief executive officer for a brief interim period,” the company said in SEC filings on Oct. 31.
That same month, the company said it expected net income for the year to decline at a percentage rate ranging from the high teens to the mid-twenties, blaming slow results improvements to its North American Health Care Services operations.
Previously: Fresenius Medical Care spins its Health Partners business into three-way merger
Michael Sen, who became CEO of Fresenius on Oct. 1, thanked Kriwet and expressed support for Giza in a news release.
“In a fundamentally sound industry Fresenius Medical Care now needs to sharpen its focus on the operational turnaround, further drive performance improvements, and focus on its core,” he said. “We are delighted that Helen Giza will take over as CEO. She is ideally suited to lead Fresenius Medical Care for what lies ahead. During her tenure with the company, Helen Giza has gained thorough expertise in renal healthcare and has a deep understanding of the company.”
Kriwet offered her own words of gratitude in the news release, describing Fresenius as “a fascinating company with a very positive corporate culture that works every day to make patients’ lives more worth living.”
“The company has great growth potential and is about to undergo a major transformation. I thank my whole team for the great support and wish the company all the best,” Kriwet continued.
Giza joined Fresenius Medical Care as CFO in 2019 and took on the responsibilities of deputy CEO and chief transformation officer in 2022. She was previously chief integration and divestiture management officer at Takeda Pharmaceuticals and served as CFO of Takeda’s U.S. business unit.
“I am honored by the appointment and trust the Supervisory Board has placed in me,” Giza said in the news release. “The role comes with significant responsibility towards the patients we serve. With the knowledge gained as CFO and chief transformation officer of the company, I feel well-placed to sharpen the focus on operational turnaround. I truly believe in Fresenius Medical Care’s mission, its passionate employees and great potential.”
Fresenius Medical Care is the world’s 27th largest medical device manufacturer, according to Medical Design & Outsourcing‘s latest Medtech Big 100 ranking by revenue.
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