CSL Limited has appointed Deborah Waterhouse as Chief Executive Officer and Managing Director, effective 1 February 2027, following an extensive global search conducted by the Board. Waterhouse brings more than 25 years of experience managing complex global specialty pharmaceutical companies across multiple regions. She currently serves as Chief Executive Officer of ViiV Healthcare, a joint venture majority owned by GSK, where she also holds the position of President of GSK Global Health. The appointment represents a significant leadership transition for the major biotech and plasma company.
Waterhouse’s pharmaceutical career spans the United States, United Kingdom, continental Europe, and Australia, with senior executive roles including leadership of GSK’s vaccines business, U.S. Primary Care operations, and Central and Eastern Europe division. She served as General Manager for GSK’s Australia and New Zealand operations between 2008 and 2012, providing direct experience in the Australian market where CSL is headquartered. Under her leadership at ViiV Healthcare since 2017, the company has grown its HIV franchise and developed next-generation medicines, achieving sales of £7.7 billion in GSK’s 2025 financial year.
CSL’s Board chair Dr Brian McNamee outlined the selection criteria and Waterhouse’s fit, stating the company required a leader capable of continuing commercial momentum while renewing the pipeline and simplifying operations without diminishing the science and purpose underlying CSL’s success. The Board determined unanimously that Waterhouse had demonstrated each of these capabilities across multiple roles throughout her career. Her track record of growing focused biopharmaceutical businesses, building international partnerships, and developing robust pipelines directly aligns with CSL’s strategic objectives. Additional board experience through non-executive director roles at Schroders and Reckitt has strengthened her governance credentials.
Waterhouse’s employment contract includes a base salary of £1.5 million annually, with first-year short-term incentive awards reaching 120 percent of base salary at target or 240 percent at maximum, with 30 percent deferred as equity. Long-term incentive grants carry a target value of 250 percent of base salary rising to 500 percent at maximum, spanning a three-year performance period from July 2027 to June 2030. The company has also granted £7.71 million in restricted stock units vesting in March 2028 and £1.65 million in performance stock units vesting in September 2029, designed to address timing gaps between her GSK compensation cycle and CSL’s annual award schedule.
Gordon Naylor will continue as Interim CEO until Waterhouse’s commencement on 1 February 2027, managing transition activities before resuming his role as a non-executive director. Investors should monitor how Waterhouse executes on CSL’s stated priorities of sustaining commercial growth, advancing the development pipeline, and streamlining operations throughout her transition period. This announcement has been classified as price sensitive and material by the ASX.
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About CSL Limited (ASX: CSL)
CSL Limited is a global biotechnology company that develops and delivers innovative biotherapies and vaccines. It is a leader in plasma-derived therapies and one of the largest influenza vaccine manufacturers worldwide.
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