While Mr Crennan offered and agreed to repay the rental allowance ASIC had paid to him, he has now resigned following the launch of an independent review into his and chairman James Shipton’s relocation costs.
“I had been intending to retire from my position in July 2021,” Mr Crennan said.
“However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now. I have therefore tendered my resignation to the Treasurer with immediate effect.”
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Mr Crennan will remain available to facilitate the “orderly transfer” of work to his successor. Mr Shipton has also stepped aside pending the results of the investigation.
