ASX announces interim chief executive

ASX has appointed group executive markets and listings Darren Yip as interim chief executive, as the exchange continues its search for a permanent leader.

Yip will assume the role, effective May 29, following the earlier announcement that chief executive Helen Lofthouse would step down.

The exchange said the appointment is intended to ensure leadership continuity during the transition period, with Yip bringing more than two decades of experience across global financial markets. He joined ASX in 2023 and has held senior roles spanning capital markets operations and strategy.

Lofthouse, who made the announcement she would be stepping down in February, faced immense pressure over lengthy delays to the rollout of the CHESS system.

The new technology was originally supposed to be rolled out in April 2021, but faced successive year-long delays. In 2024, ASIC sued the ASX in the Federal Court over allegedly misleading statements related to the project.

One of Lofthouse's first calls as chief executive, when she took the top job in August 2022, was to dump that initial CHESS replacement project and start over.

However, throughout her tenure the ASX has also suffered several outages, most recently in December 2025, which also became the subject of an ASIC inquiry.

ASX chair David Clark said Yip's institutional knowledge and operational experience would support the organisation as it maintains focus on delivering stable and well governed markets.

"The board is committed to ensuring a smooth transition and maintaining momentum against ASX's strategic priorities," Clarke said, adding the global search for a permanent chief executive is ongoing.

Candidates under consideration are understood to require experience across financial markets, transformation and risk management.

Yip said his immediate priority would be maintaining operational resilience, supporting customers while continuing to deliver key strategic and technology initiatives.

The leadership change comes at a time when ASX remains focused on strengthening its systems and governance, following a series of technology and operational challenges in recent years.

In recognition of Yip agreeing to assume the role of interim chief executive, the board has agreed to additional remuneration arrangements for the period of time Yip is in the role on a pro rata basis.

Yip will receive an additional remuneration of $600,000 per annum on top of his current $900,000 salary. Additionally, he is eligible for a short-term incentive of $325,000, on top of his current short-term incentive of $800,000.

This means that should Yip stay in the interim role for at least 12 months and meet his short-term incentives, he could earn a total of $2.625 million.