CSL names Deborah Waterhouse as CEO, effective February 2027

CSL Limited (ASX: CSL; USOTC: CSLLY) has appointed Deborah Waterhouse as Chief Executive Officer and Managing Director, effective February 1, 2027, following a global search process conducted by the company's board of directors.

Waterhouse, 25-plus years in the pharmaceutical industry, has served as CEO of ViiV Healthcare since 2017. ViiV Healthcare is a joint venture majority owned by GSK, with Shionogi as a shareholder, specializing in HIV treatments. The business reported sales of £7.7 billion in GSK's 2025 financial year. Waterhouse also holds the title of President of GSK Global Health.

Her previous roles at GSK include leading the company's U.S. vaccines business and U.S. Primary Care business, as well as serving as General Manager for Australia and New Zealand between 2008 and 2012.

CSL Chair Dr. Brian McNamee said in a statement that "the Board's decision to appoint Deborah was unanimous," adding that she has "a proven ability to grow complex businesses."

Waterhouse will retain her base in the U.K. while spending time in Australia, the U.S., and other CSL markets and operational centers. Interim CEO Gordon Naylor will remain in the role until February 1, 2027, after which he will resume his position as a non-executive director on the board.

Under the terms of her contract, Waterhouse will receive a base salary of £1,500,000 per annum. Her short-term incentive is set at 120% of base salary at target and 240% at maximum, with 30% deferred for two years as an equity award. Her long-term incentive is set at 250% of base salary at target and 500% at maximum, with the first award scheduled for September 2027.

CSL will also provide a buyout of forfeited GSK awards through restricted stock units valued at £7.71 million, scheduled to vest on March 1, 2028, subject to service conditions.

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