ASIC chief executive to depart

The chief executive of the Australian Securities and Investments Commission (ASIC) will be leaving the regulator, effective June 1.

ASIC chair Joe Longo accepted a request from the Commonwealth Director of Public Prosecutions (CDPP) for ASIC chief executive Warren Day to join the CDPP on secondment as the director's executive officer.

Day said he will not be returning to ASIC at the conclusion of the secondment.

Longo said the request recognised the contribution Day had made to ASIC as chief executive, in particular supporting its organisational transformation since 2021.

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"Warren has been a significant contributor to ASIC for more than 20 years across virtually 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 agency we have a shared interest in supporting and seeing succeed," 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."

Longo said Day's secondment to the CDPP comes as ASIC enters the next phase of its transformation.

ASIC executive director of regulation and supervision Greg Yanco will be appointed as ASIC's interim chief executive effective June 1.

Yanco was previously executive director markets between January 2019 and June 2023 before commencing his current role. He has more than 30 years of experience in financial market development, regulation, and supervision.

Yanco has informed ASIC that he expects to retire in mid-2025. A local and global search for a permanent chief executive will commence in early 2025.

Meantime, after more than 25 years of service to ASIC, executive director of enforcement and compliance Tim Mullaly also advised that he will be retiring at the end of July 2024.

Mullaly has held executive roles at ASIC for the last 12 years, leading the financial services enforcement team for 11 years and, for the last year, enforcement, and compliance team.

"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 executive director, regulation and supervision and executive director, enforcement and compliance 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 chief executive role."