(Bloomberg) -- Australian health care giant CSL Ltd. appointed Paul McKenzie as its new chief executive officer as Paul Perreault prepares to retire after a decade at the helm.

McKenzie, who is currently CSL’s chief operating officer, will become CEO and Managing Director on March 6, according to a statement Tuesday. Perreault will remain with the firm in a transition period as a strategic adviser until Sept. 6.

Perreault will step down after serving more than 25 years with the company. McKenzie joined CSL in 2019 and has more than 30 years of leadership experience in the global biotechnology industry, according to the statement. 

“CSL’s promise to save people’s lives through science has long distinguished our company,” McKenzie said in the statement. “I am excited, honored and humbled for the opportunity to continue building CSL’s legacy.”

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