After four years at the helm of the ASX board, the market regulator said on Wednesday that Roche will be succeeded by David Clarke, who will join ASX as non-executive director and chair-elect effective immediately.
Roche’s retirement has come as a surprise given that it has taken place only a year into a three-year term. Over the past year, Roche has focused on renewing the board, as well as paving the way for his replacement, the market regulator said.
Confirming his retirement, Roche said: “ASX plays a central role in the nation’s economy, and navigating the process of board renewal in my time as chair has been key in moving toward our next chapter under our new era strategy.
“As with all transformations, there remains much work to do but I’m confident Helen Lofthouse and her team will continue to drive our strategic outcomes with the guidance of a highly credentialled chair.”
The announcement comes less than a month after the Australian Securities and Investments Commission (ASIC) said it had commenced proceedings in the Federal Court against ASX for allegedly making misleading statements related to its Clearing House Electronic Subregister System (CHESS) replacement project.
ASIC alleges statements made in ASX announcements on 10 February 2022 that the project remained “on-track for go-live” in April 2023 and was “progressing well” were misleading because, at the time of the announcements, the project was not tracking to plan.
At the time, Australian Shareholders’ Association (ASA) chief executive Rachel Waterhouse asked for Roche to step down.
“The ASA has voted against director elections at the past couple of AGMs and we are calling on the current chair to announce the date he will step down,” she said in a letter posted to the association’s website last month.
Roche did not touch on Waterhouse’s calls in his outgoing remarks, instead he welcomed his successor to the role.
“In addition to his deep boardroom experience and extensive executive career in financial services, David brings the right combination of skills and experience to take ASX forward,” he said in the statement issued by the ASX on Wednesday.
Clarke has served as chair of several ASX-listed boards, in addition to holding an extensive career spanning senior management and executive roles in banking, commercial property and funds management.
He will stand for election at the AGM, with ASX expecting him to reduce his existing professional commitments over time.
“It is a privilege to take up the role of chair at an institution that stands at the heart of Australia’s financial markets, and I look forward to working with the board, Helen and the management team to continue building the capability, trust and confidence befitting a world-class exchange,” Clarke said on his appointment.
“I am honoured to be part of the journey that ensures a successful future for ASX.”
