MedWatch

Novo lost billions on Convatec: Investor meeting was an hour-long self-examination

After two years, Danish investment group Novo Holdings has lost nearly DKK 5 billion on British company Convatec. Although the annual report reveals huge problems in the organization, Novo Holdings' CEO maintains his belief in the company.

Foto: Ritzau Scanpix/Niels Hougaard

The fact that British medtech company Convatec is in trouble is no secret. The company's share price has steadily declined since mid-2017, and after presenting the annual report last week, interim CEO Rick Anderson was ready with a harsh castigation for his company.

Anderson has served as interim CEO of Convatec since October 2018, when the board fired the former top manager. Anderson was employed to redress the balance in the company, and with harrowing honesty he presented a firm with serious flaws and deficiencies.

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