Executive renewal to reshape ASIC leadership

ASIC leadership renewal

The Australian Securities and Investments Commission (ASIC) has announced a major change to its most senior executive ranks, with the regulator’s chief executive, Warren Day, to depart from the regulator.

Day’s interim replacement, Greg Yanco, is also expected to exit next year.

Day has also confirmed that, once his secondment is complete, he will not return to ASIC.

ASIC chair, Joe Longo confirmed that Day had accepted a request from the Commonwealth Director of Public Prosecutions for him to join the DPP on secondment as the Director’s executive officer, effect from 1 June.

He said that the executive director of Regulation and Supervision, Greg Yanco will be appointed interim CEO, effective from 1 June. However, Yanco has signalled his intention to retire in mid-2025.

The announcement said that a local and global search for a permanent chief executive will commence early next year.

Longo has praised the outgoing Day as a “significant contributor to ASIC for more than 20 years across virtually every part of” the regulator’s remit.

He added: “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.”

As well, the announcement said that ASIC’s executive director of enforcement and compliance, Tim Mullaly, had also advised he would be retiring from ASIC at the end of July this year.

Mullaly has held executive roles at ASIC for the last 12 years, leading the Financial Services Enforcement team for 11 years.

In his 12 months as E&C chief and as a member of ASIC’s executive leadership team, Mullaly was recognised for his critical role in implementing the division’s new structure, overseeing a team of 450 staff focused on the delivery of enforcement and compliance outcomes.

“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.