(Bloomberg) -- Grifols SA has named a Bank of America executive to be its new chief financial officer, as the Spanish pharmaceutical company works to reassure investors. 

Rahul Srinivasan will take over as CFO on Sept. 16, replacing Arturo Arroyo, who’s set to retire after 17 years in the role. Srinivasan previously served as Bank of America’s EMEA head of leveraged finance and capital markets.

The appointment announced Thursday marks the latest management change at the embattled company, which has shed billions of euros in market value since it became the target of a short-seller attack earlier this year. 

Gotham City Research in January published a report charging Grifols with manipulating its debt and profit figures. Grifols has denied any wrongdoing.

The issues at Grifols were exacerbated in subsequent months by bungled communications, including widespread confusion over the company’s ability to generate cash. Chief Executive Officer Nacho Abia, who took over in April, has made strengthening free cash flow a key focus of his strategy. 

To help calm investors, the company has ring-fenced Grifols family members from daily operations, although several retain board seats. 

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