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
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Michelle Rees P: +61 410 600 745 |
Brett Foley P: +61 461 464 708 |
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CSL Limited | ABN 99 051 588 348 | 655 Elizabeth Street, Melbourne VIC 3000 |
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Attachment 1:
Career Summary for Ms Waterhouse
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GSK Career Summary |
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Period |
Title |
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2017 – Present day |
CEO ViiV Healthcare and President GSK Global Health |
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2015 – 2017 |
SVP US Primary Care Business Unit |
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2013 – 2015 |
SVP US Vaccines Business Unit |
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2012 – 2013 |
SVP Central and Eastern Europe |
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2008 – 2012 |
VP General Manager Australia and New Zealand |
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2008 |
VP Human Resources Europe |
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2004 – 2007 |
Business Unit Head HIV UK and Head of HIV Europe |
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1999 – 2004 |
Global Commercialisation Leader |
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1996 – 1999 |
Sales and Marketing roles of increasing seniority in GSK UK |
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Board of Director Appointments |
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Period |
Title |
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2017 – Present Day |
Member of the ViiV Healthcare Board of Directors |
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2019 – 2025 |
Non-Executive Director Schroders: Member of Board of Directors, Audit |
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July 2026 – Present Day |
Non-Executive Director, Reckitt |
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Attachment 2:
Key Employment Terms for Ms Waterhouse
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Key Term |
Details |
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Commencement |
1 February 2027. |
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Base salary |
£1,500,000 per annum. |
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STI |
First award is FY27 STI:
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LTI |
First award is September 2027 LTI:
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Buyout of GSK |
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Extra award to |
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Pension |
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Benefits |
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Notice period |
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Restrictive |
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Restrictive |
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Tax |
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Other |
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[i] According to GSK’s FY25 accounts
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