CSL appoints Gordon Naylor as interim CEO following Paul McKenzie retirement
CSL Limited (ASX: CSL) has announced the retirement of Dr Paul McKenzie as Chief Executive Officer and Managing Director, with Gordon Naylor appointed interim CEO effective 11 February 2026. The leadership transition follows a mutual agreement between McKenzie and the board that new leadership should drive the company’s strategic transformation, while a search for a permanent CEO is conducted.
Naylor brings 33 years of CSL experience to the interim role, having joined the board as a non-executive director in December 2025. McKenzie concludes a 7-year tenure with the company, including 3 years as CEO, during which he navigated COVID-19 disruptions and restored plasma collection volumes beyond pre-pandemic levels.
Who is Gordon Naylor?
Gordon Naylor’s appointment as CSL interim CEO provides operational and financial continuity during the leadership search. His career at CSL spans roles that shaped the company’s global plasma and vaccine platforms, including Chief Financial Officer and President of Seqirus, where he led the turnaround of the global influenza business.
Naylor’s operational credentials include helping design and build the Broadmeadows plasma facility, where he served as the site’s first Chief Engineer. He also played a key role in the acquisitions that established CSL’s global position in CSL Plasma, Behring, and Seqirus. His background includes running global supply chain and IT operations.
His qualifications include a Bachelor of Engineering (Hons), a Graduate Diploma in Computer Science, an MBA from Melbourne Business School, Fellowship of the Australian Academy of Technological Sciences and Engineering, and CPA certification. He currently serves as a non-executive director at Orica Limited and previously chaired Medical Developments International.
Gordon Naylor
“I have had a long association with CSL. It is a great company with innovative platforms, world-class people, as well as differentiated medicines and vaccines essential for patients and communities globally. My immediate priority will be to work closely with the Board and leadership team on executing our strategic transformation and delivering for our patients, public health and shareholders.”
For investors, Naylor’s operational and financial background suggests execution on the strategic transformation programme will continue without disruption during the transition period.
What does an interim CEO mean for investors?
Interim CEO appointments are standard practice during planned leadership searches, providing stability while boards conduct thorough candidate assessments. Naylor has been granted the board’s full authority to lead the company during this period, which may last several months.
The key investment question is execution continuity. Naylor’s mandate appears focused on maintaining momentum on CSL’s strategic transformation, rather than implementing new strategic direction. This approach minimises disruption risk while the board identifies a permanent successor.
Investors should monitor for updates on the permanent CEO search timeline and any strategic refinements that may emerge during the transition. The board’s choice of an internal candidate with deep institutional knowledge signals prioritisation of continuity over external disruption.
Naylor’s remuneration structure
Naylor’s compensation reflects the interim nature of the role, with no short-term or long-term incentive components. Instead, a one-off equity grant structure aligns his interests with shareholder outcomes through a performance-linked vesting mechanism.
| Term | Details |
|---|---|
| Fixed remuneration | USD $2,030,741 per annum (inclusive of compulsory superannuation) |
| Short-term incentive | None (interim role) |
| Long-term incentive | None (interim role) |
| One-off equity grant | USD $4,061,482 in RSUs (200% of fixed remuneration), granted March 2026 |
| RSU vesting | 12 months from commencement, subject to achieving appropriate individual performance threshold |
The equity grant vests only if the board determines Naylor has achieved an appropriate level of individual performance, providing alignment with shareholder outcomes during the transition period. Upon vesting, RSUs convert to ordinary CSL shares purchased on-market, subject to a 2-year holding lock.
Paul McKenzie’s legacy at CSL
McKenzie’s 3-year tenure as CEO focused on operational stabilisation and strategic foundations following pandemic disruptions. Under his leadership, CSL navigated significant challenges while advancing its product pipeline and operational capabilities.
Key achievements during McKenzie’s tenure include:
- Guided global operations through COVID-19, stabilising manufacturing and supply chains
- Restored plasma collection volumes beyond pre-pandemic levels
- Launched HEMGENIX, the world’s first gene therapy for haemophilia B
- Introduced ANDEMBRY for hereditary angioedema
- Led transformation of end-to-end operations, making progress on plasma yield improvement through Horizon 1 and Horizon 2 initiatives
- Oversaw continued investment in research and development and construction of a new vaccine facility in Melbourne
CSL Chair Dr Brian McNamee noted McKenzie’s contributions positioned the company for future growth, with operational improvements and strategic investments providing foundations for the next phase of development.
What’s next for CSL?
The board is conducting a search for a permanent CEO while Naylor focuses on executing the strategic transformation programme. CSL Chair Dr Brian McNamee and Gordon Naylor hosted an investor call on 10 February 2026 at 5:00pm AEDT to discuss the transition, with a recording available on the company website.
For investors, the transition period represents a monitoring phase rather than a strategic inflection point. The key variables to watch are the permanent CEO search timeline, execution continuity on strategic initiatives, and any refinements to operational priorities that may emerge during Naylor’s tenure.
McKenzie’s existing equity awards will be treated in accordance with their original terms upon his retirement on 10 February 2026. The orderly nature of the transition, combined with Naylor’s institutional knowledge and operational background, suggests minimal disruption risk to ongoing programmes.
Stay Ahead on Healthcare Leadership Moves
Join 20,000+ investors receiving FREE breaking ASX healthcare news within minutes of release, complete with in-depth analysis. Click the “Free Alerts” button at Big News Blast to get market-moving announcements the moment they break, with expert coverage already done for you.