CSL chief executive Paul McKenzie to depart today
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The news: Embattled biotech giant CSL has announced the retirement of CEO and managing director Paul McKenzie, effective today.
CSL senior executive and non-executive director Gordon Naylor has been appointed interim CEO and MD.
The context: CSL has seen its share price collapse since its shock announcement last August to spin off its vaccines business Seqirus as a separate ASX listing, and to eliminate 3,000 jobs, reduce its plasma centres in the US and cut $550 million in annual costs.
The company is due to report its half-year results on Wednesday.
What they said: "Paul and the board have determined that now is the right time for new leadership to continue to drive CSL's strategic transformation and performance," said CSL chairman Brian McNamee.
"On behalf of the board, I would like to express our gratitude to Paul for his commitment and contributions to the company over the past seven years, including his three years as CEO.
"During his tenure, Paul guided CSL’s global operations through the challenges of COVID-19, stabilised manufacturing and supply chains and increased plasma collection volumes beyond pre-pandemic levels."
Naylor commented: "My immediate priority will be to work closely with the board and leadership team on executing our strategic transformation and delivering for our patients, public health and shareholders."
McKenzie said: "While the past three years have been challenging for the business, I am proud of our organisational improvements, the continued investment in research and development, the new vaccine facility in Melbourne and the transformation of our end-to-end operations, all of which lay the foundations for future growth.”
The source: ASX
