CSL CEO Paul Perreault to retire next year, Paul McKenzie to step in

CSL CEO Paul Perreault to retire next year, Paul McKenzie to step in

CSL COO Paul McKenzie will take helm of the biotech giant from March 2023 (Provided)

After spending a decade as the top boss of biotechnology giant CSL (ASX: CSL), managing director and CEO Paul Perreault will hand over the reins to COO Dr Paul McKenzie from March 2023.

Dr McKenzie joined CSL three years ago after a stint as executive vice president of pharmaceutical operations and technology at Biogen, and has been focused on growing the company’s vaccine division - CSL Seqirus - as well as plasma products business CSL Plasma and iron deficiency specialist CSL Vifor.

Dr McKenzie has 30 years of leadership in the global biotech industry and has held various senior roles in R&D and manufacturing at Johnson & Johnson, Bristol-Myers Squibb and Merck.

Under Perreault's leadership, the company - which has a $143 billion market capitalisation - produced more than 50 million doses of the AstraZeneca vaccine in Melbourne.

Perreault will also be stepping down from the board at the same time he resigns from his role as CEO, and will remain as a strategic advisor until officially retiring in September next year.

“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,” Dr McKenzie said.

“I look forward to continuing our momentum and engaging closely with the Board, our leadership team, 30,000 colleagues, and other stakeholders to serve patients and public health around the world.

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

Founded in 1916, Melbourne-based CSL comprises four businesses: CSL Behring, a global remedies manufacturer for rare and serious diseases; CSL Seqirus, one of the largest influenza vaccine providers in the world; CSL Plasma, one of the world's largest plasma collection companies; and recently acquired CSL Vifor, a specialist in iron deficiency and nephrology.

Perreault’s departure comes almost a year after CSL announced its intention to buy Swiss renal treatment company Vifor Pharma for $16.4 billion – a deal which was finalised four months ago and saw the suitor take control of more than 97 per cent of Vifor shares.

“Leading CSL during the last decade has been a privilege as we grew, innovated, and globalised to new levels – all while fostering a values-based culture focused on our promise to patients and public health around the world,” Perreault said.

“In working closely with Dr McKenzie for more than three years, I am confident he will continue to innovate and build on CSL’s track record of growth for years to come.”

The news of Perreault’s departure also comes after he and Dr McKenzie opened the company’s new $1 billion plasma fractionation facility in Melbourne’s Broadmeadows earlier this month.

The factory will boost the production of CSL’s lifesaving therapies, processing up to 9.2 million plasma equivalent litres a year – a nine-fold increase on CSL’s current capacity – and export to more than 100 countries.

The plant is part of CSL's $2 billion capital works program it is currently completing in Australia, which includes an influenza vaccine factory at Tullamarine, and a new head office and biotechnology precinct in Melbourne’s CBD.

CSL chair Dr Brian McNamee acknowledged Perreault for his leadership as CEO since 2013.

“The board and I want to acknowledge the remarkable leadership of Paul Perreault as CEO for 10 years,” Dr McNamee said.

“With Paul at the helm, CSL delivered sustainable growth and innovation with a patient-focused culture.

“Thanks to Paul’s leadership, CSL today has grown to become a global leader, delivering shareholder value and industry-leading life-saving medicines to people in more than 100 countries.”

Shares in CSL are down 1 per cent to $295 each at 10:52am.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Business success comes from thinking inside the box for TAXIBOX founder
Partner Content
On a first glance, the world of storage solutions might not seem particularly exciting ...
TAXIBOX
Advertisement

Related Stories

CSL shares spike on record flu vaccine volume, return to pre-COVID levels for blood therapies

CSL shares spike on record flu vaccine volume, return to pre-COVID levels for blood therapies

Shares in Melbourne-based biotech giant and Australia's third-l...

Flu vaccine record for CSL as profits rise 13 per cent

Flu vaccine record for CSL as profits rise 13 per cent

Despite suffering its fair share of setbacks such as the withdraw...

CSL gets green light to manufacture AstraZeneca COVID-19 vaccine

CSL gets green light to manufacture AstraZeneca COVID-19 vaccine

Melbourne-headquartered biotech CSL (ASX: CSL) has passed a criti...

Record flu vaccine demand gives 44 per cent shot in the arm to CSL earnings

Record flu vaccine demand gives 44 per cent shot in the arm to CSL earnings

Mitigation measures against COVID-19 led to a drastic reduction i...