Grifols has faced mounting challenges since April 2022, the moment when the German group Biotest was acquired for 1.413 billion euros. Since then, the company’s leverage has surged, with debts reported well above 9.5 billion dollars. A bearish analysis from Gotham City Research highlighted this figure and asserted that material misstatements affected the company’s financials. The report questioned the integrity of the accounts and suggested that part of the debt remained undisclosed. The publication triggered a sharp drop in Grifols’ stock price, with heavy losses at the open and a substantial decline by the close. Grifols disputed the Gotham data, noting that the accounts were fully approved by its auditor, KPMG, which has not yet commented publicly on the allegations. The document also named several members of Grifols’ board as responsible for the disclosed financials. The question remains: who sits on the board today and how do they influence governance?
The group’s apparent chief executive officer is Thomas Glanzmann, a Swiss executive who became the third CEO in five months, following the retirement of Victor Grifols and the interim leadership of Steven F. Mayer in February 2023. The former vice president also serves as CEO and has held board responsibilities since 2006. His leadership history includes roles such as CEO and President of Gambro AB (2006–2011) and CEO and Managing Director of HemoCue AB, among others. Before Grifols, he led several biotechnology and healthcare firms, including positions at Baxter Healthcare Corporation and Immuno International. His appointment has coincided with initiatives to optimize financial reporting and chart a path for future expansion.
CNMV is examining whether the Grifols investment vehicle was used to obscure the company’s accounts
Founding family on the board of directors
The board includes three members from the founding Catalan Grifols family: Raimon Grifols (vice president and corporate general manager, and brother of a former president), Victor Grifols Deu (general manager and former president’s son), and Albert Grifols Koma-Cros (executive director). The first two served as joint CEOs starting January 1, 2017, succeeding Víctor Grifols Roura, who left the board late last year but remained chairman emeritus. The trio holds governance roles across various Grifols Group entities, including the family office Scranton Enterprises, which has been referenced in discussions related to the Gotham City report.
Raimon Grifols has served as a director and was once secretary and deputy secretary of the board. He has engaged in legal practice, including a stint with Osborne Clarke, a firm connected to Tomás Dagá, another Grifols director and trusted advisor. Víctor Grifols Deu joined the group in 2001 as an analyst, rose to director in 2008, and later joined the executive board. Albert Grifols came aboard in 2004, initially as an analyst in the planning and control function, later becoming Corporate Treasury Director in 2013 and serving as the firm’s CEO in Ireland from 2018 to 2020.
Former US ambassador and Osborne Clarke
One notable manager on the board is James Costos, an American diplomat who joined in October 2020. He previously served as United States Ambassador to Spain and Andorra (2013–2017) and now leads Secuoya Studios in Madrid. He also sits on boards such as PJT Partners and contributes to organizations in the public and philanthropic sectors, including the Human Rights Campaign and the Reina Sofía Museum.
Carina Szpilka Lazaro is a current partner at a venture fund and has held roles on the boards of Abanca and Meliá, with prior leadership in Adigital and ING Direct Spain. Since 2015 she has continued to participate in Grifols’ governance, following leadership roles in the company’s Spanish operations and international subsidiaries. Íñigo Sánchez-Asiaín Mardones has served as a director since 2015 and is known for his work with Portobello Capital, along with leadership roles in other firms and hospitality groups. He previously held senior positions at Banco Santander and other financial entities.
The council also features Montserrat Muñoz Abellana, a chemical engineer with deep experience in global consumer goods and nutrition, who previously held senior roles at Danone. Susana González Rodríguez, CEO of Rockwell Automation Europe, Middle East and Africa, is another board member, bringing executive leadership in technology and manufacturing. Enriqueta Felip Font, a Grifols director since 2019, chairs the oncology committee at a major hospital and leads oncology initiatives at a renowned research institute. Her career includes recognition for contributions to cancer research and clinical practice, alongside academic appointments.
The implications for advisors?
What responsibilities do board members bear when a major controversy unfolds? In this context, whether managers meet their obligations under regulatory standards is a central question. Analysts note that if allegations in the Gotham City report are substantiated, potential consequences could attract close scrutiny and legal accountability. Grifols, like many large corporates, may rely on insurance coverage to offset damages and could review asset protection strategies as part of governance responses. If misstatements prove intentional, options for remediation would include strengthening controls and preparing for potential legal actions. The key issue remains the integrity of the financial reporting process and the company’s willingness to address any findings transparently.
Reputation matters, and professionals on the board are mindful that public trust can erode swiftly. Until formal findings emerge, discussions about accountability proceed with caution. Historical cases, such as Pescanova, illustrate how leadership and audit relationships can shape outcomes when financial mismanagement or governance concerns arise. The focus for Grifols will be on ensuring accuracy, accountability, and clear governance mechanisms to support the company through scrutiny and market expectations.