The Australian Securities and Investments Commission (ASIC) has announced a series of changes to its executive leadership team as the organization continues its transformation journey.

The changes, which affect key positions such as the Chief Executive Officer (CEO), Executive Director of Regulation and Supervision, and Executive Director of Enforcement and Compliance, aim to drive ASIC's ongoing evolution as a “modern, ambitious and confident regulator.”

ASIC's CEO, Warren Day, Seconded to CDPP

In the most important move, ASIC's Chairman, Joe Longo, has accepted a request from the Commonwealth Director of Public Prosecutions (CDPP) for ASIC's CEO, Warren Day, to join the CDPP on secondment as the Director's Executive Officer effective from June 2024.

It's worth noting that Day was associated with the regulator for over two decades. For the past three years, he supported its organizational transformation as its Chief Operating Officer and Chief Executive Officer. During his tenure, ASIC presented, among other things, its four-year development plan. Moreover, the regulator wiped out 3,500 fraudulent investment websites in an anti-scam initiative in less than a year.

“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 commented. In addition, ASIC's Chairman praised Day's leadership role in ASIC's organizational redesign, delivery of strategic and enforcement priorities, and management of the executive leadership team.

Greg Yanco Appointed as Interim CEO

With Day's departure, the Executive Director of Regulation and Supervision, Greg Yanco, will become ASIC's Interim CEO, effective June 2024. Yanco brings more than 30 years of experience in financial market development, regulation, and supervision to the position.

However, he has informed the Commission that he expects to retire in mid-2025, and a search for a permanent CEO will commence in early 2025.

Enforcement and Compliance Head, Tim Mullaly, to Retire

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

“Tim has for many years played a crucial role in ensuring that ASIC has maintained a strong and strategic pipeline of enforcement work,” Longo commented. “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.”

During his 12-year tenure in executive positions at ASIC, Mullaly has been instrumental in shaping the organization's enforcement and compliance efforts. For over a decade, he spearheaded the Financial Services Enforcement team before transitioning to lead the newly formed Enforcement and Compliance (E&C) team in the past year. In this role, Mullaly was pivotal in establishing the E&C team's structure and guiding a substantial workforce of 450 individuals dedicated to achieving robust enforcement and compliance results.

Searches for New ASIC’s Executive Directors to Commence

ASIC will soon begin conducting a global search for the Executive Director of Regulation and Supervision and Executive Director of Enforcement and Compliance roles.

Longo views these positions as opportunities for executive renewal and ASIC's ongoing transformation. "As the ongoing impact of our work continues to be realized, we also have opportunities for exceptional leaders to drive the next phase of ASIC's transformation."

The changes are happening at a time when ASIC achieved a historic victory in a greenwashing case, marking its first success in combating misleading ESG claims.

Strengthening the Executive Leadership Team

Besides updates in critical executive roles, ASIC is enhancing its executive leadership by introducing a new Executive Director position for Registry and Intelligence. This follows the transition of Registry services from the ATO back to ASIC, and the creation of the Chief People and Culture Transformation Officer role. The organization also recently appointed Joanne Harper as the Executive Director for Data, Digital, and Technology.

Longo thanked Day and Mullaly for their significant contributions to ASIC over many years and thanked Yanco for stepping into the Interim CEO role during this transition period.