Australia's CSL names interim CEO Gordon Naylor as new chair

Australia's CSL on Monday named interim chief Gordon Naylor as chair from March next year, the latest leadership shake-up days after naming GSK executive ‌Deborah Waterhourse as its first female CEO. Naylor has led CSL on an interim ‌basis since February, following the surprise exit of former CEO Paul McKenzie amid investor concerns over the biotechnology giant's falling shares.

Once Australia's most valuable listed company and a market favourite, CSL suffered a ⁠series of ​earnings and revenue downgrades ⁠and announced plans to cut 3,000 jobs, triggering selloffs that wiped billions of dollars from its market ⁠value over the past year. "CSL's leadership picture is finally coming into focus, and Gordon Naylor's elevation ​to chair provides continuity at a critical juncture," said Marc Jocum, senior ETF ⁠strategist at Global X ETFs.

Naylor's role in CSL's strategic reset and his knowledge of the company should help ⁠incoming ​CEO Deborah Waterhouse tackle its challenges, combining new executive leadership with an experienced chair, he added. Current chair Paul McNamee will retire from CSL's board on March 31, ⁠2027, after more than eight years in the role. He previously served as CEO ⁠and managing director ⁠from 1990 to 2013.

CSL shares closed 0.8% lower at A$195.14, broadly in line with a 0.5% decline in the healthcare sub-index.