CSL gets a new CEO after Paul Perreault’s successful 9-year tenure ends
Nick Sundich, December 13, 2022
One of the most prominent hot seats among ASX companies is CSL CEO and there’s a change coming next year. After a 9-year tenure, Paul Perreault is retiring, and Chief Operating Officer Paul McKenzie will succeed him.
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Who is the new CSL CEO?
Paul McKenzie is currently CSL’s COO and has only been there since 2019. But he comes with over 3 decades of leadership experience in the global biotech sector. Most notably, he helped grow the Seqirus, Plasma and Vifor businesses amidst the global pandemic.
McKenzie will take over as CEO on 6 March next year. He will be paid US$1.75m per annum as a base salary, with the potential for bonuses.
Will the next decade be as spectacular as the first?
Shareholders should take comfort in having an internal candidate as CEO. No doubt McKenzie will be able to shift into the hot seat easier than an external candidate.
Yet, we expect a poor share price response in the next few days, because investors never like it when a long-term CEO stands down, especially one with such a solid record as Paul Perreault.
ASX:CSL share price growth during Paul Perrault’s tenure as CEO (Graph: TradingView)
At the same time, CSL is far from a microcap that is solely reliant on its CEO to run the company. So, longer term we expect CSL to continue its solid track record of growth in the years ahead.
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