MELBOURNE, Australia, Oct. 21, 2026 /PRNewswire/ -- The Board of Directors of CSL Limited (ASX:CSL; USOTC:CSLLY) today announces that it has appointed Deborah Waterhouse as Chief Executive Officer and Managing Director of CSL from 1 February 2027. The appointment was made following an extensive global search process conducted by CSL's Board of Directors.

Ms Waterhouse is a proven commercial leader with more than 25 years' experience managing complex global specialty pharma companies across the U.S., the U.K., continental Europe and Australia.

Since 2017 Ms Waterhouse has been the CEO of ViiV Healthcare, a joint venture majority owned by GSK with Shionogi as a shareholder. ViiV is a leading specialist in HIV and had sales of £7.7 billion during GSK's 2025 financial year^[i]. Additionally, Ms Waterhouse serves as the President of GSK Global Health.

Ms Waterhouse has previously led GSK's U.S. vaccines business and its U.S. Primary Care business and has held several other senior executive positions, including GSK's General Manager for Australia and New Zealand between 2008 and 2012.

CSL Chair Dr Brian McNamee said, "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. Deborah is an outstanding global leader with a proven ability to grow complex businesses."

"She has grown a focused biopharmaceutical business and renewed the franchise at ViiV by driving the development and commercialisation of the next generation of medicines to support patients. She knows the United States, she knows Australia and she knows how to build pipelines and manage partnerships. A world-class and purpose-driven executive, she is the right person to lead CSL in its next chapter of growth. The Board's decision to appoint Deborah was unanimous."

Ms Waterhouse said, "CSL is one of the great companies in our industry, and I saw what it means to Australia when I lived and worked in Melbourne. Its people save lives every day, from the staff who collect plasma at the donation centres to the scientists and operators who develop and manufacture the medicines and vaccines. The foundations are strong. My job is to continue the momentum and evolve the path into reliable growth for patients and shareholders."

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. 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.

A biography for Ms Waterhouse is set out in Attachment 1.

The key components of Ms Waterhouse's employment contract, including her remuneration structure, effective from 1 February 2027 are set out in Attachment 2.

Authorised for lodgement by:

Fiona Mead
Company Secretary


Investor Relations                                                                   Media Relations



        
          Michelle Rees                                                                        Brett Foley


        P: +61 410 600 745                                                          
        P: +61 461 464 708
E: michelle.rees@csl.com.au                                                          E: brett.foley@csl.com.au



        CSL Limited | ABN 99 051 588 348 | 655 Elizabeth Street, Melbourne VIC 3000

Attachment 1:
Career Summary for Ms Waterhouse


 
 GSK Career Summary



 
 Period                         
          
            Title



 
 2017 - Present day                        CEO ViiV Healthcare and President GSK Global Health



 
 2015 - 2017                    
          SVP US Primary Care Business Unit



 
 2013 - 2015                    
          SVP US Vaccines Business Unit



 
 2012 - 2013                    
          SVP Central and Eastern Europe



 
 2008 - 2012                    
          VP General Manager Australia and New Zealand



 
 2008                           
          VP Human Resources Europe



 
 2004 - 2007                               Business Unit Head HIV UK and Head of HIV Europe



 
 1999 - 2004                    
          Global Commercialisation Leader



 
 1996 - 1999                               Sales and Marketing roles of increasing seniority in GSK
                                               UK





 
 Board of Director Appointments



 
 Period                         
          
            Title



 
 2017 - Present Day                        Member of the ViiV Healthcare Board of Directors



 
 2019 - 2025                               Non-Executive Director Schroders: Member of Board of
                                               Directors, Audit
                                   and Risk, Remuneration and Nominations Committees



 
 July 2026 - Present Day        
          Non-Executive Director, Reckitt

Attachment 2:
Key Employment Terms for Ms Waterhouse

                  Key Term       
          
            Details


                  Commencement   
          1 February 2027.
date


                  Base salary    
          BPS1,500,000 per annum.


                  STI            
          First award is FY27 STI:

                                            120% of Base Salary at Target and 240% of Base Salary at Maximum
                                             (pro-
                                  rated from Commencement Date).
          30% to be deferred for 2
                                  years as equity award.
                                  Entitled to participate in future STI grants on terms approved by
                                  the Board.


                  LTI            
          First award is September 2027 LTI:

                                            250% of Base Salary at Target and 500% of Base Salary at Maximum.
                                                    Performance period 1 July 2027 to 30 June 2030 (scheduled to
                                                    vest 1
                                 September 2030).
                                  Entitled to participate in future LTI grants on terms approved by
                                  the Board.
                                  Shareholder approval will be sought for these grants consistent with
                                  CSL's
                                 usual approach.


                  Buyout of GSK
awards to be
forfeited                                   Award of Restricted Stock Units (RSUs) with a value of BPS7.71m
                                             (subject to
                                  adjustment prior to grant, based on the next GSK vesting outcome).
                                  The
                                  award is scheduled to vest on 1 March 2028, subject to service
                                  conditions.


                  Extra award to
address LTI
timing                                      Award of BPS1.65m Performance Stock Units (PSUs) that vest on 1
                                             September
                                 2029, subject to the same TSR vesting conditions attached to CSL's
                                  1 September 2026 LTI award and service conditions (including
                                  12-month
                                  holding lock post-vesting). 
          Designed to recognise the
                                  extended gap that her move will create
                                 between annual awards received at GSK and the first annual CSL award
                                 that she is scheduled to receive in October 2027.


                  Pension

                                            Arrangements aligned with UK workforce.  Due to tax rules, it is
                                  anticipated that the CEO will receive a cash allowance equivalent to
                                  10% of
                                  base salary less the prevailing rate of employers' national
                                  insurance
                                 contribution in lieu of employer pension contributions.


                  Benefits

                                            Standard UK benefits - including private medical insurance, 6 x
                                             salary life
                                 assurance and income protection insurance.


                  Notice period

                                            12 months' notice by CEO or CSL.   
          Customary garden
                                             leave, summary termination and payment in lieu of
                                 notice provisions.


                  Restrictive
covenant (while
at CSL)                                     Restricted from being involved in the CSL Seqirus business until
                                             31 March
                                 2027, due to previous employment in a competitive business.


                  Restrictive
covenants (after

            CSL)                           6 month post-termination non-compete. 
          12 month post-
                                             termination non-solicit /non-deal with customers, non-
                                  interfere with suppliers and non-solicit of key employee.
                                   Duration of restrictions reduced by any period spent on garden
                                   leave.


                  Tax
arrangements
                                            CEO to be responsible for UK taxes.  
          CSL to be
                                             responsible for taxes outside of the UK.


                  Other

                                            CSL Minimum Security Holding Policy applies - 300% of Base Salary
                                             for
                                 CEO.

^[i] According to GSK's FY25 accounts

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