The Australian Securities and Investments Commission (ASIC) has announced a series of changes to its senior executive leadership team, including its Chief Executive Officer.

ASIC Chief Executive Officer

ASIC Chairman Joe Longo has accepted a request from the Australian Federal Public Prosecutions Director to have ASIC Chief Executive Officer Warren Day join the Office of the Australian Federal Public Prosecutions as Executive Director, effective June 1, 2024.

The Chairman stated that this request acknowledges Mr. Day's contributions as ASIC Chief Executive Officer since 2021, particularly in supporting its organizational transformation.

"Warren has made significant contributions to ASIC over the past 20 plus years, touching almost every part of ASIC's remit. This is an opportunity for him to bring the skills and experience he has gained at ASIC to an institution we collectively support and wish to succeed," said Mr. Longo.

"From the first day of my tenure as ASIC Chairman, I began a review of ASIC's infrastructure and operations, in which Warren played a crucial leadership role, particularly in leading organizational redesign initiatives, advancing our strategic and enforcement priorities, and managing ASIC's senior leadership team. Warren leaves with our full support, and his appointment strengthens the critical institutional relationship between ASIC and the Australian Federal Public Prosecutions, vital to our enforcement efforts."

Upon the conclusion of his secondment to the Australian Federal Public Prosecutions, Mr. Day has indicated he will not return to ASIC. The ASIC Chairman noted that Mr. Day's secondment to the Australian Federal Public Prosecutions came at a time when ASIC was entering the next phase of its transformation.

ASIC Regulation and Supervision

Regulation and Supervision Executive Director Greg Yanco will be appointed as ASIC's interim Chief Executive Officer effective June 1, 2024. Mr. Yanco previously served as Market Integrity Executive Director from January 2019 to June 2023, then assumed his current role. He brings over 30 years of experience in financial markets development, regulation, and supervision.

Mr. Yanco has informed the Commission of his intention to retire in mid-2025. Local and global searches for a permanent Chief Executive Officer will commence in early 2025.

ASIC Enforcement and Compliance

After over 25 years of service to ASIC, Enforcement and Compliance Executive Director Tim Mullally has also announced his retirement from ASIC at the end of July 2024.

Mr. Mullally has served in executive roles at ASIC for 12 years, leading the Financial Services Enforcement team for 11 years and the Enforcement and Compliance team for the past year. In this role, as a member of ASIC's senior leadership team, Mr. Mullally was instrumental in implementing new enforcement and compliance structures, overseeing a team of 450 staff dedicated to achieving enforcement and compliance outcomes.

"Tim has played a crucial role over the years in ensuring ASIC maintains a robust and strategic enforcement pipeline. ASIC is in court every day, launching new investigations every week, all of which are priorities we have set," said Mr. Longo.

Local and global searches for the Regulation and Supervision Executive Director and Enforcement and Compliance Executive Director positions will commence shortly.

"Filling these positions is an opportunity for executive refreshment and for ASIC to continue its transformation into a modern, ambitious, and confident regulatory body. As the continued impact of our work becomes evident, we also have the opportunity to have excellent leaders drive the next phase of ASIC's transformation, and I want to thank Warren and Tim for their significant contributions to ASIC over the years, and thank Greg for serving as interim CEO," Mr. Longo said.

ASIC's executive leadership team will also be strengthened with the addition of a new Executive Director of Registration and Intelligence, following the return of registration services from the Australian Taxation Office to ASIC, as well as a Chief Human Resources and Culture Transformation Officer. ASIC has also recently appointed Joanne Harper as Executive Director of Data, Digital and Technology.