Fresenius Promotes Sturm to Chief Executive as Schneider Departsby
Schneider is leaving for another opportunity, company says
German health-care provider affirms sales and profit outlook
Fresenius SE, the biggest publicly traded health-care provider in Europe, promoted Stephan Sturm to chief executive officer as Ulf Mark Schneider departs for another opportunity after 13 years in charge.
The change will become effective July 1, the Bad Homburg, Germany-based company said Sunday in a statement. Sturm, 52, has served as chief financial officer of Fresenius since 2005. He previously led investment banking in Germany and Austria for Credit Suisse First Boston and prior to that was a management consultant with McKinsey & Co.
Fresenius, one of the world’s largest providers of kidney dialysis, also supplies home infusion-therapy services and operates hospitals. It’s the leading bidder to acquire Pfizer Inc.’s pumps and devices business, which could fetch $1.5 billion to $2 billion, Bloomberg reported earlier this month.
Fresenius, in its statement, confirmed its guidance for 2016, with sales expected to increase 6 percent to 8 percent and net income likely to climb 8 percent to 12 percent, both in constant currency. The company also reiterated its mid-term outlook, with revenue projected to reach 36 billion euros to 40 billion euros ($40 billion to $44 billion) by 2019 and net income 2 billion euros to 2.25 billion euros.
The company didn’t other provide details on plans by Schneider, 50, who joined Fresenius in 2001 and was named to his current post in 2003.