AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
In a significant leadership change, ASX Ltd (ASX:ASX) Chairman Damian Roche has announced his retirement, effective at this year’s annual shareholder meeting. David Clarke, a former Westpac banker and AMP director, is poised to succeed Roche as the new chairman.
Damian Roche, who assumed the role of chairman in 2021, has overseen a challenging period for the Australian Securities Exchange. His tenure included the unveiling of the ambitious blockchain upgrade program known as CHESS, which, unfortunately, encountered severe setbacks. The CHESS project, launched in 2015 with the aim of revolutionizing the clearing and settlement system, faced major difficulties and ultimately resulted in a $250 million write-down on ASX’s balance sheet.
The Australian Securities and Investments Commission (ASIC) has since initiated legal proceedings against ASX, alleging that the exchange misled investors regarding the progress and viability of the CHESS upgrade. This controversy has cast a shadow over Roche’s tenure, although he did not address the CHESS issues directly in his retirement statement.
In his announcement, Roche emphasized that despite the challenges, there is still substantial work to be done for the ASX. He expressed confidence in the executive team, led by CEO Helen Lofthouse, to continue advancing the company’s strategic objectives. Roche highlighted the critical role of the ASX in Australia’s financial system and the importance of navigating board renewal as part of the organization’s transition to its new era strategy.
David Clarke, who will take over as chairman, brings extensive experience from his previous roles at Westpac and AMP. Clarke described his forthcoming role as a “privilege” and expressed enthusiasm about leading an institution central to Australia’s financial markets. His appointment signals a new chapter for the ASX as it moves forward from recent challenges and aims to restore investor confidence and operational stability.
Clarke’s leadership will be crucial in steering the ASX through its ongoing projects and ensuring the exchange remains a cornerstone of Australia’s financial infrastructure. The transition comes at a time of heightened scrutiny and transformation for the ASX, with a focus on reinforcing its strategic direction and addressing the issues that have arisen under Roche’s tenure.
The ASX’s upcoming annual shareholder meeting will mark a key moment in this leadership transition, as David Clarke prepares to take the helm and guide the exchange into its next phase of development.
