The transition marks the conclusion of the FME25+ transformation program, an initiative led by Giza that streamlined the organization and reduced costs by approximately EUR 1.2 billion. While Giza is credited with stabilizing the company’s financial foundation and optimizing its portfolio, the Supervisory Board determined that a change in leadership profile is required to navigate the next strategic phase. Michael Sen, Chairman of the Supervisory Board, described the appointment as a natural progression, citing Korangy’s deep understanding of the firm and his track record in global expansion.

Korangy brings extensive experience from the life sciences sector, most notably as the former CEO of BVI Medical, where he oversaw the firm's growth into a global ophthalmology leader. His background also includes senior roles at Novartis and a tenure at Blackstone. As he prepares to lead an organization with nearly 110,000 employees, Korangy emphasized a commitment to accelerating innovation and expanding patient access to care. To accommodate his new executive role, Korangy has resigned from the Supervisory Board, with Ann Custin tapped as his successor to bring additional financial and supply chain expertise to the oversight body.