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

 

P: +61 410 600 745
E: [email protected] 

 

Brett Foley

 

P: +61 461 464 708
E: [email protected] 

 

  

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
date 

 

1 February 2027.

 

Base salary 

 

£1,500,000 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 £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.  

 

Extra award to
address LTI
timing 

 

 

 

・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. 

 

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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