CSL share price on watch as CEO announces retirement

The CSL Limited (ASX: CSL) share price is in focus amid news the company’s long-term CEO and managing director will step down from the role.

Paul Perreault has been with the biotechnology icon for more than 25 years, 10 of which have been in the top job. He will be succeeded by Dr Paul McKenzie.

The CSL share price closed Monday’s session trading at $298.20.

Let’s take a closer look at the latest news from the S&P/ASX 200 Index (ASX: XJO) healthcare giant.

CSL announces Perreault’s retirement and new CEO

The CSL share price could be one to watch on Tuesday after the company’s CEO announced he plans to retire from the role and its board in March.

Perreault will continue to work as a strategic advisor for six months after handing over the reins, retiring in September next year.

Successor McKenzie currently serves as CSL’s chief operating officer and will join the company’s board immediately.

McKenzie has held leadership positions in the global biotechnology industry for more than 30 years. He has been with CSL since 2019, working to optimise the company’s operations and grow the Seqirus, Plasma, and Vifor businesses.

Prior to joining the ASX 200 giant, McKenzie was executive vice president of pharmaceutical operations and technology at Biogen. He also previously held progressively senior-level roles at Johnson & Johnson, Bristol-Myers Squibb, and Merck.

Perreault commented on his retirement from the CEO position, saying:

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.

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.

Speaking on his appointment to the top job, McKenzie said:

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.

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

CSL share price snapshot

The CSL share price has gone next to nowhere this year, gaining just 0.75% since the start of 2022. It’s also 0.3% higher than it was this time last year.

Though, that’s a better performance than the broader market.

The ASX 200 has fallen 5.4% year to date and 2.7% over the last 12 months.

The post CSL share price on watch as CEO announces retirement appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bristol-Myers Squibb, CSL, and Merck. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Biogen and Johnson & Johnson. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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