Sydney, Feb 10, 2026, 17:09 AEDT
CSL (CSL.AX) announced Tuesday that Chief Executive Paul McKenzie is stepping down, with Gordon Naylor stepping in as interim CEO and managing director beginning Feb. 11. McKenzie, who came aboard as chief operating officer in 2019, moved up to the CEO post in March 2023. During his tenure, CSL rolled out new treatments, including Hemgenix, its gene therapy for haemophilia B. Naylor, previously finance chief and head of the Seqirus vaccines division, took a board seat in December. 1
CSL shares dropped 4.98% on Tuesday, underperforming the S&P/ASX 200, which edged just 0.03% lower to 8,867.4 points despite spending much of the session in positive territory. The company filed news of its leadership shakeup at 4:05 p.m., after the bell. Naylor, together with CFO Ken Lim and other top brass, will present CSL’s half-year results on Wednesday. 2
Seqirus, CSL’s flu-vaccine arm, is back in focus as slowing U.S. flu shot uptake drags on demand projections. Simply Wall St, in a Feb. 7 note, pointed out that Tavneos faces regulatory questions in Europe, and Vifor’s iron franchise isn’t exempt from stiffer competition. Investors are now keyed in on CSL’s Feb. 11 half-year results and interim dividend for their next signals. 3
CSL chair Brian McNamee, in an ASX filing, said McKenzie and the board had “determined that now is the right time for new leadership” to push the group’s strategic transformation and performance. Naylor said he’ll focus straight away on working with the board and leadership to deliver that transformation. McKenzie called the past three years “challenging,” but highlighted operational shifts and the new vaccine facility in Melbourne. CSL also revealed Naylor’s fixed pay: about US$2.03 million a year, plus a one-time equity grant worth roughly US$4.06 million in March.
CSL postponed its plans to spin off Seqirus into a standalone listed company last year, after slashing its fiscal 2026 growth forecast. The company pointed to what it called an “unprecedented” drop in U.S. flu vaccination rates, alongside turbulent market conditions. CSL projected U.S. vaccination rates would sink 12% during the northern-hemisphere winter, a warning that sent its shares tumbling to lows not seen in nearly seven years. 4
CSL pulls most of its revenue from plasma-derived medicines, operating an extensive plasma collection system. Seqirus, another CSL arm, focuses on flu vaccines, and Vifor specializes in iron and kidney medications. In the vaccine space, competitors include Sanofi and GSK. On the plasma side, rivals like Spain’s Grifols are in the mix.
Changing CEOs just a day ahead of results puts extra pressure on Wednesday’s outlook—particularly if vaccine demand remains sluggish or pricing gets squeezed. And with no permanent replacement lined up, a drawn-out CEO search could keep uncertainty swirling, interim leader or not.
Investors are watching for signs of changes to the Seqirus schedule and news on plasma collections, which are crucial for CSL’s main therapies. Naylor steps in Wednesday, lining up with the release of the half-year report.
