CSL appoints Deborah Waterhouse as CEO & Managing Director

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

P: +61 410 600 745
E: michelle.rees@csl.com.au

P: +61 461 464 708
E: brett.foley@csl.com.au

Attachment 1: 
Career Summary for Ms Waterhouse

Key Term

• 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. 

• 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. 

• Award of Restricted Stock Units (RSUs) with a value of £7.71m (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.  

• Award of £1.65m 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. 

• 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. 

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

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

• Restricted from being involved in the CSL Seqirus business until 31 March
  2027, due to previous employment in a competitive business. 

• 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. 

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

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

^[i] According to GSK's FY25 accounts

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