CSL Appoints New CEO and Managing Director

Today, CSL [ASX:CSL], a major healthcare and medical products developer, announced that it had ended its search for a successor to Paul Perreault, who is due to retire after 10 years in the role of company CEO.

The company has named Dr Paul McKenzie as the company’s new CEO as of March next year.

CSL’s share price did not experience much movement in the wake of the announcement. A share for the healthcare stock was still up around $297 apiece at the time of writing.

The medical distributor’s share price has been flat in the full calendar year, though it is up more than 6% in its sector and slightly above the market average by more than 2%:

Chart of ASX CSL Healthcare and Medical Products stock chart

Source: Tradingview.com

CSL’s new CEO and Managing Director

The medical production company said it had ended its search for a replacement CEO and Managing Director.

Perreault has been serving as the company’s CEO for the past 10 years, having been with the company for more than 25 years and recently advising the Board of his intention to retire.

The CSL Board has conducted a careful search for Perreault’s successor and has today announced they have decided to appoint Dr Paul McKenzie as the company’s new Chief Executive Officer and Managing Director.

Dr Paul McKenzie joined CSL as Chief Operating Officer (COO) in 2019 and has since been responsible for improving CSL’s operations and growing its Seqirus, Plasma, and Vifor businesses.

Pre-CSL, Dr McKenzie was Executive Vice President of pharmaceutical operations and technology at Biogen and served in senior-level roles in R&D and manufacturing at Johnson & Johnson, Bristol Myers Squibb, and Merck.

McKenzie will become CEO from 6 March next year but will be joining the Board of Directors as Executive Director immediately.

CSL’s promise to save people’s lives through science has long distinguished our company,’ commented McKenzie.

I am excited, honoured and humbled for the opportunity to continue building CSL’s legacy following the strong foundation established by Paul Perreault over the last decade.

We will continue focusing on executing our 2030 strategy, investing in innovation, and continue achieving sustainable and profitable growth.’

Mr Perreault will be passing the baton on 6 March, and although he will be leaving CSL’s Board of Directors, he will remain as a strategic advisor to enable a smooth transition, with an official retirement date of 6 September 2023.

CSL Chair, Dr Brian McNamee, thanked Perreault for his service over the past 10 years, attributing him to much of CSL’s sustainable growth and innovation. He also provided his thoughts on the new appointment:

Paul McKenzie is a patient-focused global leader with a demonstrated track record of leading complex organizations and delivering outstanding business results. With his deep understanding of CSL’s strategy, culture and operations, Paul is well positioned to lead CSL to its next level of sustainable growth for our shareholders and the patients we serve around the world.’

Mr Perreault himself acknowledged the privilege of leading CSL through the past decade, complimenting the company’s promise to patients and public health across the globe and his own close working relationship with McKenzie.

I am confident he will continue to innovate and build on CSL’s track record of growth for years to come,’ Perreault stated.

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Regards,

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For The Daily Reckoning Australia

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