Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC) has announced a series of changes to its senior executive leadership team – including its Chief Executive.
CEO of ASIC
ASIC Chairman Joe Longo has accepted a request from the Commonwealth Director of Public Prosecutions for ASIC Chief Executive Warren Day to join the CDPP on secondment as Executive Director, effective 1 June 2024.
The chairman said the request recognized Mr Day’s contribution to ASIC as CEO, notably supporting its organizational transformation from 2021.
“Warren has been a significant contributor to ASIC for over 20 years in almost every part of ASIC’s mission. This is an opportunity for him to bring the skills and experience he has gained at ASIC to a company we have a shared interest in supporting and seeing succeed,” Mr Longo said.
“Since I launched the review of ASIC’s infrastructure and operations on my first day as Chair of ASIC, Warren has played a significant leadership role, particularly in leading the organizational redesign, delivering our strategic priorities and enforcing the law and the management of ASIC’s executive Leadership team.
“Warren leaves with our full support and his appointment underpins the critical institutional relationship ASIC maintains with the CDPP, which is at the core of its law enforcement work.”
At the end of the CDPP secondment, Mr Day stated that he would not be returning to ASIC.
The ASIC Chairman said Mr Day’s secondment to the CDPP came as ASIC enters the next phase of its transformation.
ASIC Regulation and Supervision
Executive Director of Regulation and Supervision Greg Yanco will be appointed as ASIC’s Interim CEO with effect from 1 June 2024. Mr Yanco was previously Executive Director of Markets between January 2019 and June 2023 before taking up his current role. He has more than 30 years of experience in the development, regulation and supervision of financial markets.
Mr. Yanco has informed the Committee that he expects to retire in mid-2025. A local and global search for a permanent CEO will begin in early 2025.
ASIC enforcement and compliance
After more than 25 years of service to ASIC, Executive Director of Enforcement and Compliance Tim Mullaly has also advised that he will retire from ASIC at the end of July 2024.
Mr Mullaly has held executive roles at ASIC for the past 12 years, leading the Financial Services Enforcement team for 11 years and, for the last year, the Enforcement and Compliance (E&C) team. In this role and as a member of ASIC’s executive leadership team, Mr Mullaly was critical to the implementation of the new E&C structure, overseeing a team of 450 staff focused on delivering enforcement and compliance outcomes.
“Tim has over many years played a critical role in ensuring that ASIC has maintained a strong and strategic pipeline of enforcement work. ASIC is in the courts every day and we launch new investigations every other day of the week, all aligned with the priorities we have set,” Mr Longo said.
Local and global searches for the roles of Executive Director Regulation and Oversight and Executive Director Enforcement and Compliance will commence shortly.
“Filling these positions is an opportunity for staff renewal and ASIC’s continued transformation towards a modern, ambitious and confident regulator. As the ongoing impact of our work continues to be felt, we also have opportunities for exceptional leaders to drive the next phase of ASIC’s transformation,” said Mr Longo.
“I want to thank Warren and Tim for their significant contributions to ASIC over many years and thank Greg for taking on the role of interim CEO.”
ASIC’s executive leadership team is also being strengthened with the addition of a new role of Chief Executive Officer for Registry and Information – following the transition of Registry services from the ATO to ASIC – as well as a Chief People and Culture Transformation Officer. ASIC has also recently appointed Joanne Harper as Executive Director of Data, Digital and Technology.