The Australian Securities and Investments Commission (ASIC) says a number of changes to the leadership team is an “opportunity for executive renewal” and part of the commission’s “ongoing transformation towards being a modern, ambitious and confident regulator”.
ASIC CEO Warren Day said he had accepted a request from the Commonwealth Director of Public Prosecutions (CDPP) to join on secondment as the director’s executive officer. Day says he won’t return to ASIC at the end of the secondment.
ASIC chair Joe Longo said Day had been a significant contributor to ASIC for more than 20 years, across nearly every part of the commission.
“This is an opportunity for him to bring the skills and experience he has gained at ASIC to an agency we have a shared interest in supporting and seeing succeed,” Mr Longo said.
“Since I embarked on the review of ASIC’s infrastructure and operations on my first day as ASIC Chair, Warren has played a significant leadership role, particularly with leading the organisational redesign, the delivery of our strategic and enforcement priorities, and the management of ASIC’s Executive Leadership Team.
“Warren leaves with our full support and his appointment underpins the critical institutional relationship ASIC holds with the CDPP, which is core to our enforcement work,” he said.
Day joins CDPP on 1 June.
Day will be replaced by interim CEO, executive director of Regulation and Supervision (R&S), Greg Yanco. Prior to his current role, Yanco was executive director Markets. He has more than 30 years of experience in financial market development, regulation, and supervision.
Yanco expects to retire in mid-2025, so a global search for a permanent CEO will begin in early 2025.
Meanwhile, executive director of Enforcement and Compliance (E&C), Tim Mullaly, has announced he will retire at the end of July this year.
Mullaly has held executive roles at ASIC for the last 12 years, leading the Financial Services Enforcement team for 11 years and the E&C team for the last year.
Longo said Mullaly was critical to implementing the new E&C structure, overseeing a team of 450 staff focused on delivery of enforcement, and compliance outcomes.
“Tim has for many years played a crucial role in ensuring that ASIC has maintained a strong and strategic pipeline of enforcement work. ASIC is in court every day, and we are launching new investigations every second day of the week, all aligned to the priorities we have set out,” Longo said.
Local and global searches for the ED R&S and ED E&C roles will commence shortly.
“Filling these positions is an opportunity for executive renewal and ASIC’s ongoing transformation towards being a modern, ambitious, and confident regulator. As the ongoing impact of our work continues to be realised, we also have opportunities for exceptional leaders to drive the next phase of ASIC’s transformation,” Longo said.
“I want to thank Warren and Tim for their significant contribution to ASIC over many years and thank Greg for stepping into the Interim CEO role.”
ASIC’s executive leadership team will also be strengthened with the addition of a new ED role for Registry and Intelligence – following the transition of Registry services back to ASIC from the ATO – as well as a chief people and culture transformation officer. ASIC also recently appointed Joanne Harper as ED for Data, Digital and Technology.
