CSL Limited named ViiV Healthcare chief Deborah Waterhouse as its next CEO, putting her in charge as the pharmaceutical group responds to a multibillion-dollar loss and seeks stronger commercial performance.
CSL announced the appointment Oct. 21, 2026, after a worldwide recruitment process, saying its directors selected Waterhouse unanimously. Interim CEO and Managing Director Gordon Naylor will manage the handover before returning to his non-executive board seat.
CSL’s 2026 annual report said restructuring and noncash balance-sheet write-downs contributed to its statutory loss. The company also pointed to a cost base it considered too high, a lag in responding to competitors and research and development projects that did not meet expectations. CSL Chair Dr. Brian McNamee said the incoming chief would be expected to protect commercial execution, refresh the product pipeline and reduce operational complexity.
Waterhouse has led ViiV Healthcare, an HIV medicines business, since 2017 and also serves as president of GSK Global Health. GSK reported £7.7 billion in HIV sales for 2025. ViiV said Lynn Baxter is due to succeed Waterhouse as its CEO on Nov. 1, 2026.
CSL disclosed an annual base salary of £1.5 million. For her first FY2027 short-term incentive, the target is 120% of base salary and the maximum is 240%, prorated from her start date; 30% is to be deferred in equity for two years. Her first long-term incentive is set at 250% of base salary at target and 500% at maximum, for a performance period from July 1, 2027, through June 30, 2030. Vesting is scheduled for Sept. 1, 2030.
The package also includes £7.71 million in restricted stock units to replace GSK awards Waterhouse will forfeit. CSL said the value may be adjusted after the next GSK vesting outcome; the units are scheduled to vest March 1, 2028, subject to service conditions. A separate £1.65 million performance stock unit award is due to vest Sept. 1, 2029, subject to performance and service conditions. CSL said it will seek shareholder approval for her equity grants.
CSL said Waterhouse will keep her base in the U.K. while working across Australia, the United States and other key markets. Baxter’s ViiV succession is scheduled for Nov. 1, 2026, and Waterhouse is due to start at CSL on Feb. 1, 2027.
