#FutureFresenius: Implementing a New Strategy to Transform the Company and Advance Patient Care

In February 2024, Fresenius CEO Michael Sen reflected on the company’s transformation journey from his office in Bad Homburg, Germany. With revenues of €22 billion and a mission to advance patient care, Fresenius had built a strong reputation through decades of acquisitions and dividend growth. However, between 2017 and 2022, the company’s share price dropped over 70% as financial and operational performance sharply declined. When Sen became CEO in October 2022, he recognized the need for a fundamental reset. In response, Sen and the leadership team launched #FutureFresenius, a bold transformation plan that began with changes to the company’s structure, portfolio, and financial framework. By early 2024, key structural changes were in motion, and momentum was building. Looking ahead, the turnaround required deeper cultural shifts and further development of the company’s target operating models. Sen believed in the progress made but faced a critical question: Was Fresenius executing the transformation in the right sequence, at the right speed, and with the right priorities to ensure long-term success? This case study examines the challenges of corporate transformation, the role of leadership in driving change, and the importance of aligning stakeholders in a high-stakes turnaround.