Fresenius CEO resigning; to be replaced by head of company’s pharmaceutical business -

Michael Sen, President and CEO of Fresenius Kabi, will replace Stephan Sturm as CEO of Fresenius SE on Oct. 1. Shares in the company fell 44% over the past year, in part due to the COVID pandemic and a surge of costs but Fresenius’ stock price rose by nearly 6% immediately after Sturm’s announcement. The change at the top mirrors the shake up in leadership at Fresenius Medical Care (FMC), where Carla Kriwet will take over as CEO at the world’s largest dialysis provider from Rice Powell on Oct. 1. FMC’s share price reached a 12- year low in July following a 12% plunge.