Blood products giant CSL has appointed Paul McKenzie as chief executive, who will take over following CEO Paul Perreault's decade of leadership.
The former chief operating officer will take on the new role in March, and Mr Perreault will remain with the company until his retirement in September.
After spending 25 years at the biotech business and 10 years at the helm, the outgoing CEO said he was confident in Dr McKenzie's leadership.
"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," Mr Perreault said.
The company was the national leader in the production of AstraZeneca's COVID-19 vaccine after it was contracted by the Australian government to produce 50 million doses of the vaccine at its Victorian plant.
Dr McKenzie has been with CSL since 2019 and has 30 years of experience in senior roles in research and development and manufacturing for Johnson & Johnson, Bristol-Myers Squibb and Merck.
CSL chair Brian McNamee said Dr McKenzie's experience put him in good stead to lead the organisation.
"Paul McKenzie is a patient-focused global leader with a demonstrated track record of leading complex organisations and delivering outstanding business results," Dr McNamee said.
Dr McKenzie said he was humbled and excited to take the reigns of Australia's third-biggest company.
"CSL's promise to save people's lives through science has long distinguished our company," he said.
