CSL picks ViiV chief Deborah Waterhouse as its next CEO

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CSL Limited, the Melbourne-based company listed on the ASX, announced on 21 October 2026 that its Board has appointed Deborah Waterhouse as Chief Executive Officer and Managing Director. The appointment takes effect on 1 February 2027 and follows what the company described as an extensive global search. Gordon Naylor will remain Interim CEO and Managing Director until that date and will then return to the Board as a non-executive director.

Waterhouse will keep her base in the United Kingdom and, according to the company, will spend significant time in Australia, the United States and CSL's other major markets and operational centres. CSL chair Dr Brian McNamee said the Board's decision was unanimous and described her as "an outstanding global leader with a proven ability to grow complex businesses."

A career built inside GSK

Waterhouse has led ViiV Healthcare, the HIV specialist majority owned by GSK with Shionogi as a shareholder, since 2017, and also serves as President of GSK Global Health. CSL said ViiV recorded sales of £7.7 billion in GSK's 2025 financial year. Her earlier GSK roles included heading US Primary Care and US Vaccines, leading Central and Eastern Europe, and serving as general manager for Australia and New Zealand from 2008 to 2012. She has been a non-executive director of Reckitt since July 2026 and previously sat on the board of Schroders. Waterhouse said in the announcement that the foundations at CSL are strong and that her job is to continue the momentum.

On the GSK side, Lynn Baxter, currently president of GSK Europe, will become CEO of ViiV Healthcare and President of GSK Global Health on 1 November 2026. Baxter previously ran ViiV's US business for six years, and Waterhouse will work with her on the handover before moving to CSL.

Terms of the appointment

CSL published the key employment terms alongside the announcement:

  • Base salary of £1.5 million.
  • A short-term incentive of 120% of base salary at target and 240% at maximum, with 30% deferred into equity for two years.
  • A long-term incentive of 250% of base salary at target and 500% at maximum, subject to shareholder approval.
  • Replacement of forfeited GSK restricted stock units valued at £7.71 million, plus £1.65 million of performance stock units vesting in September 2029.
  • A 12-month notice period and a requirement to hold CSL securities worth 300% of base salary.

Because of her previous role in a competing business, Waterhouse will have no involvement in CSL Seqirus until 31 March 2027.

Source: CSL appoints Deborah Waterhouse as CEO & Managing Director