Bloomberg News

Fresenius Medical Appoints Powell to Become CEO as Lipps Retires

March 09, 2012

Fresenius Medical Care AG (FME) said Chief Executive Officer Ben Lipps will retire at the end of the year, and Rice Powell, who runs the German dialysis provider’s North American unit, will replace him.

Powell, 56, has been a member of the Fresenius Medical management board since 2004 and has more than three decades of experience in the health-care industry, the Bad Homburg-based company said today in a statement.

Lipps, 71, has worked in the Fresenius dialysis division since 1985. He became CEO and chairman of the management board in 1999, when Fresenius Medical Care’s annual sales were $3.8 billion. Revenue totaled $12.8 billion last year.

Mats Henriksson will succeed Rainer Baule, 63, as CEO of the Kabi unit of Fresenius SE (FRE), which owns about 30 percent of Fresenius Medical. Both Powell and Henriksson, 44, will join the Fresenius SE management board in January.

Fresenius Medical shares fell 1.6 percent to 51.21 euros at 12:46 a.m. in Frankfurt. Fresenius SE declined 0.4 percent to 77.92 euros.

To contact the reporter on this story: Kristen Hallam in London at khallam@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net


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