Gordon Naylor returns to lead CSL amid earnings miss

Gordon Naylor is returning to CSL Ltd. (ASX:CSL) in an interim role to replace Paul McKenzie, who is retiring as CEO and managing director of the Australian company after three years in the role. During his six-year tenure at the company — he was previously COO — McKenzie helped guide CSL through the pandemic and multiple product launches, including Hemgenix etranacogene dezaparvovec, the first hemophilia B gene therapy. But the company’s share price has languished for months now, shedding 40% in the past year amid a restructuring that saw the company cut 15% of its staff.

On Wednesday, CSL shares fell 11% following the abrupt change at the top, which was followed hours later by a miss on Street estimates for revenue and earnings, according to FactSet. CSL reported an 87% drop in net profit after tax for its half fiscal year ended Dec. 31, compared with the prior year’s period. Revenues fell 4% to $8.3 billion. The company attributed the results in part to government policy changes and restructuring costs...