Deborah Waterhouse appointed CSL CEO and Managing Director from 1 February 2027
The Board of Directors of CSL Limited has appointed Deborah Waterhouse as Chief Executive Officer and Managing Director, effective 1 February 2027. The CEO appointment followed an extensive global search process conducted by the Board and was announced on 21 October 2026.
CSL Chair Dr Brian McNamee said the Board’s decision to appoint Ms Waterhouse was unanimous.
Gordon Naylor will continue as Interim CEO and Managing Director until 1 February 2027. He will conduct an appropriate transition with Ms Waterhouse and will resume his role on the Board as a non-Executive Director.
Mr Naylor’s interim CEO appointment followed Paul McKenzie’s retirement, and his 33 years inside CSL, including turnaround work at Seqirus, were the basis for prioritising continuity while the Board ran its global search.
For investors, the announcement names a successor and sets a handover date for the interim period.
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Who is Deborah Waterhouse?
A global specialty pharma track record
Ms Waterhouse has more than 25 years’ experience managing complex global specialty pharma companies across the U.S., the U.K., continental Europe and Australia. Since 2017 she has been CEO of ViiV Healthcare, a joint venture majority owned by GSK with Shionogi as a shareholder.
ViiV had sales of £7.7 billion during GSK’s 2025 financial year, according to GSK’s FY25 accounts. Ms Waterhouse also serves as President of GSK Global Health.
Key career milestones from Attachment 1 include:
- 2017 to present: CEO ViiV Healthcare and President GSK Global Health
- 2015 to 2017: SVP US Primary Care Business Unit
- 2013 to 2015: SVP US Vaccines Business Unit
- 2008 to 2012: VP General Manager Australia and New Zealand
- 2004 to 2007: Business Unit Head HIV UK and Head of HIV Europe
On the board side, she was a Non-Executive Director of Schroders from 2019 to 2025 and has been a Non-Executive Director of Reckitt since July 2026.
Why the Board chose her
Dr McNamee said the Board had set out the brief for the next chief executive earlier this year.
Dr Brian McNamee, CSL Chair
“In February this year we said CSL’s next chief executive would need the ability to continue the momentum of our commercial performance, renew our pipeline and simplify our operations without losing the science and purpose that built this great company. Deborah has done all those things on multiple occasions…”
He added that she knows the United States and Australia and “knows how to build pipelines and manage partnerships.”
Deborah Waterhouse
“The foundations are strong. My job is to continue the momentum and evolve the path into reliable growth for patients and shareholders.”
What investors should know about the leadership transition
Ms Waterhouse will retain her base in the U.K. She will spend significant time in Australia, the U.S. and in CSL’s major markets and operational centres.
She is restricted from being involved in the CSL Seqirus business until 31 March 2027, due to previous employment in a competitive business.
Key dates:
- 21 October 2026: Appointment announced
- 1 February 2027: Mr Naylor’s interim term ends and Ms Waterhouse commences
- 31 March 2027: Seqirus restriction ends
Educational section: Why a CEO change matters for a global biotech
A chief executive of a plasma, vaccines and biotherapeutics business sets the direction for how capital is allocated, which pipeline programmes are prioritised and how operations are run. The pipeline is the set of medicines and vaccines in development that may become future products.
The Chair’s brief maps onto three priorities: continuing commercial momentum, renewing the pipeline and simplifying operations. Investors typically watch for strategy updates, pipeline decisions and execution after a CEO appointment.
The announcement does not disclose Ms Waterhouse’s strategy for CSL.
Readers interested in the earnings backdrop Ms Waterhouse inherits can use our full explainer on CSL’s FY26 results, which covers the $7.1b of non-cash impairments, the $3.1b underlying NPATA and FY27 guidance for CSL Vifor and CSL Behring.
Remuneration structure tied to performance
Ms Waterhouse’s package, set out in Attachment 2, includes short-term and long-term incentives. Shareholder approval will be sought for these grants, consistent with CSL’s usual approach.
| Component | Terms | Detail | Timing |
|---|---|---|---|
| Base salary | £1,500,000 per annum | Effective from commencement | 1 February 2027 |
| STI (first award is FY27 STI) | 120% of base salary at target, 240% at maximum | Pro-rated from commencement date; 30% deferred for 2 years as equity award | FY27 |
| LTI (first award is September 2027 LTI) | 250% of base salary at target, 500% at maximum | Performance period 1 July 2027 to 30 June 2030 | Scheduled to vest 1 September 2030 |
Secondary terms include:
- Buyout of GSK awards to be forfeited: Restricted Stock Units valued at £7.71m (subject to adjustment prior to grant, based on the next GSK vesting outcome), scheduled to vest on 1 March 2028, subject to service conditions
- Extra award to address LTI timing: £1.65m Performance Stock Units vesting on 1 September 2029, subject to the same TSR vesting conditions as CSL’s 1 September 2026 LTI award and service conditions (including a 12-month holding lock post-vesting)
- Minimum Security Holding Policy: 300% of base salary for the CEO
- Notice period: 12 months’ notice by the CEO or CSL
- Restrictive covenants after CSL: 6-month post-termination non-compete and 12-month post-termination non-solicit
What comes next
Ms Waterhouse takes over from Mr Naylor on 1 February 2027, and Mr Naylor is set to resume his role as a non-Executive Director. Her first LTI award is the September 2027 grant, for which shareholder approval will be sought.
The announcement sets out a defined succession, a unanimous Board decision and incentive terms that include long-term performance conditions.
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