CSL (ASX:CSL) share price slumps despite new board appointment

The company’s shares are continuing the week lower.
The post CSL (ASX:CSL) share price slumps despite new board appointment appeared first on The Motley Fool Australia. –

The CSL Limited (ASX: CSL) share price is in the red today following the inclusion of a new member to its board.

At the time of writing, the global biotech’s shares are down 0.7% to $295.40. In comparison, the S&P/ASX 200 Index (ASX: XJO) is also down 1.06% to 7,502 points.

CSL strengthens its team

Investors appear to be unmoved by the company’s latest news, selling CSL shares ahead of its FY21 full-year results tomorrow.

In today’s release, CSL advised it has appointed Professor Duncan Maskell as an independent non-executive director, effective from 18 August.

Professor Maskell brings a wealth of knowledge from the private sector, particularly in the commercialisation of research initiatives.

He has co-founded several biotech companies such as Arrow Therapeutics and Discuva. Arrow was sold to British-Swedish multinational pharmaceutical and biotechnology giant AstraZeneca while antibiotic innovation company Summit Therapeutics purchased Discuva.

Professor Maskell is currently serving as vice-chancellor of the University of Melbourne. Prior to this, he held the role of senior pro-vice-chancellor at the University of Cambridge in the United Kingdom.

Previously, Professor Maskell also worked at the University of Oxford, Imperial College London and Wellcome Biotech.

CSL chair Dr Brian McNamee AO commented:

Professor Maskell is an exceptional addition to the CSL Board. He brings wide-ranging international experience in science and commerce, developed across a rich 30-year career in research, academia and entrepreneurship. These areas represent the core of what we do at CSL and his contribution will strengthen the Board’s range of experience.

Professor Maskell has a Master of Arts and a Doctor of Philosophy from the University of Cambridge.

About the CSL share price

Over the course of the past 12 months, CSL shares have taken investors on a rollercoaster ride but are up just 5.13%. The company’s shares are currently sitting just above the middle of their 52-week range of $242.00 to $320.42.

On valuation grounds, CSL is the third-largest company on the ASX with a market capitalisation of roughly $134.45 billion.

The post CSL (ASX:CSL) share price slumps despite new board appointment appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Aaron Teboneras owns shares of CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. 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 Bruce Jackson.

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