ASX not in a rush to pick next chief executive: Chair

ASX chair David Clarke said the market operator does not want to rush the appointment of its next chief executive.

Speaking at the Australian Shareholders' Association 2026 Investor Conference in Melbourne last week, Clarke said succession planning is one of the most important decisions the board makes and it must have a long-term view for it.

"It's almost a proxy for the standard, the culture, the leadership style, and to a certain extent, strategy that you're looking for. So therefore, you shouldn't rush it. And fortunately, we're in a great position where we've got a very competent internal executive to fulfill that role."

The ASX has appointed group executive of 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, after announcing in February that chief executive Helen Lofthouse would step down.

The ASX 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.

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

On when the markets can expect the announcement of the next chief executive, Clarke said these things always take a while.

"I'm always reluctant to answer that question because I don't feel confident until the candidate that we have chosen is standing up and addressing all the employees and then I know they're going to stay," he said.

The ASX has been in the crosshairs with ASIC since last year around its questionable ability to "maintain stable, secure and resilient" market infrastructure, which were brought to the forefront due to disruptions in trading in late 2024.

In this situation, Clarke said it is important for the board to maintain consistency in language with the management team.

"You're talking to the stakeholders, whether they be shareholders, regulators or customers but the chief executive and the management team are also talking to them, so there needs to be a consistency," Clarke said.

"So, you need input into how that dialogue is being shaped."

Another important aspect is to avoid corporate language, Clarke said.

"You're speaking with those investors to actually make some form of connection. They're seeking to evaluate you through how you communicate with them and frankly make up their minds pretty quickly whether you're someone they can believe or not believe."