The leader of Australia’s largest biopharmaceutical company has retired suddenly amid concerns about the company’s growth prospects and operations.
Paul McKenzie stepped down on Tuesday as chief executive and managing director of CSL, the $89 billion company announced.
“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,” chairman Brian McNamee said.
Former CSL senior executive Gordon Naylor, a non-executive director of the company, has been appointed interim CEO and managing director.
He starts the role on Wednesday.
Dr McNamee paid tribute to Dr McKenzie’s contributions and commitment to CSL over the past seven years, including three 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,” Dr McNamee said.
CSL in October downgraded its 2025/26 earnings guidance amid falling US vaccination rates and reduced demand from China for the blood protein albumin, leading to a sharp sell-off in CSL shares.
Dr McNamee expressed his frustration and disappointment at the company’s annual general meeting, adding CSL’s operations had become too complex for it to react decisively.
Dr McKenzie said the past three years had been challenging for the business but he was proud of its organisational improvements, continued investment in research and development and new vaccine facility in Melbourne.
Dr Gordon has a 33-year tenure at CSL, including as chief financial officer and president of CSL Seqirus, its flu vaccine division.
CSL shares closed Tuesday at $183.64, up 1.8 per cent from Monday but down 32.1 per cent for the past 12 months.