ViiV Healthcare has announced that Deborah Waterhouse is stepping down as chief executive officer of ViiV Healthcare and president of GSK Global Health to join CSL as chief executive officer and managing director.

Lynn Baxter, currently president of GSK Europe, is set to be appointed chief executive officer of ViiV Healthcare and president of GSK Global Health, effective November 1, 2026.¹ Waterhouse’s move to CSL is set to take effect February 1, 2027, following an extensive global search conducted by CSL’s board.

What does this mean for ViiV and CSL?

Waterhouse has led ViiV Healthcare since 2017, with the company reporting sales of $10.2 billion during GSK’s 2025 financial year.¹ She also served as president of GSK Global Health, a role she will relinquish alongside the ViiV CEO post.

Baxter was previously leading ViiV’s U.S. business for six years before moving into her current GSK Europe role, and will now oversee both ViiV Healthcare and GSK Global Health.¹ Waterhouse is expected to work with Baxter on a transition at ViiV before departing.

At CSL, Gordon Naylor will continue serving as interim CEO and managing director until Waterhouse’s February 2027 start date, after which he will return to the CSL board as a non-executive director.^1,2 Waterhouse will retain her base in the U.K. while spending significant time in Australia, the U.S., and CSL’s other major markets and operational centers.^1,2

What is Waterhouse’s track record?

Waterhouse brings more than 25 years of experience managing complex global specialty pharma businesses across the U.S., U.K., continental Europe, and Australia. Before ViiV, she was the leader of GSK’s U.S. vaccines business and its U.S. primary care business, along with serving as GSK’s general manager for Australia and New Zealand between 2008 and 2012.¹ CSL frames her ViiV tenure as evidence she can deliver the combination of commercial growth and pipeline renewal the company says it is seeking in its next chapter.

GSK leadership credits Waterhouse’s tenure with both commercial and mission-driven results. “During her tenure as CEO, ViiV advanced important innovations in HIV treatment and prevention, expanded patient access to medicines, delivered sustained business growth, and strengthened its long-term strategic position,” says David Redfern, chairman of the ViiV board and president of corporate development at GSK. On Baxter’s appointment, he adds that her “deep experience across the biopharmaceutical industry, proven commercial leadership, and longstanding commitment to patients position her well to lead ViiV Healthcare through its next phase of growth.”

CSL chair Brian McNamee points to specific capabilities behind the board’s decision. “She has grown a focused biopharmaceutical business and renewed the franchise at ViiV by driving the development and commercialization of the next generation of medicines to support patients,” he says. “She knows the United States, she knows Australia and she knows how to build pipelines and manage partnerships.” McNamee said the board’s decision to appoint Waterhouse was unanimous.²

Waterhouse addressed both moves directly. On her ViiV exit: “It has been a privilege to lead ViiV Healthcare and GSK Global Health and work alongside so many talented colleagues, partners, and advocates.”

She then touched on joining CSL, saying, “The foundations are strong. My job is to continue the momentum and evolve the path into reliable growth for patients and shareholders. ViiV Healthcare has reshaped the treatment and prevention landscape for people impacted by HIV. I am honored to take on this role and look forward to working with colleagues around the world to continue advancing innovation.”

Sources

1. ViiV Healthcare Announces CEO Transition ViiV Healthcare October 21, 2026, https://viivhealthcare.com/hiv-news-and-media/news/press-releases/2026/october/viiv-healthcare-announces-ceo-transition/
2. CSL appoints Deborah Waterhouse as CEO & Managing Director CSL October 21, 2026, https://newsroom.csl.com/2026-10-21-CSL-appoints-Deborah-Waterhouse-as-CEO-Managing-Director