ASX has announced the appointment of Andrew Tobin as its new chief financial officer (CFO) following the departure of current CFO Gillian Larkins at the end of August.
Mr Tobin served as the CFO of Challenger between 2012 and 2021, where he was responsible for a number of operational areas including finance, investor relations, treasury, operations and information technology.
He was previously deputy CFO at the investment management firm between 2007 and 2012 and has also held roles at the Commonwealth Bank, MLC and KPMG.
“Andrew is an accomplished CFO and executive leader with more than 30 years’ experience in various group finance and audit roles in Australia and Asia. He is an excellent addition to our team,” said ASX MD and CEO Helen Lofthouse.
“His ability to think strategically and commercially, his partnership approach, and extensive expertise in financial markets and listed companies will add depth to the executive team and enhance our leadership culture.”
ASX stated that its strategy function will move to the CFO portfolio under Mr Tobin’s leadership. His appointment follows an extensive selection process that was supported by global recruitment agency Egon Zehnder.
The stock exchange operator has received both a new CFO and CEO within the past month, with Ms Lofthouse taking up the chief executive role after the retirement of Dominic Stevens.
Mr Stevens, who served as ASX CEO for six years, is set to continue to advise and assist with the transition process until the end of September.
As part of its FY22 results, ASX announced a “solid” result with a 7.5 per cent increase in operating revenue to $1.02 billion and a 5.7 per cent lift in net profit after tax to $508.5 million.
Ms Lofthouse also commented on the latest delay to the CHESS replacement project schedule and said that more development was needed in parts of the application software to meet the market’s scalability and resilience requirements.
“I am disappointed that we have extended the timeline for go-live for a third time, and I know that our customers are disappointed too. But we all agree that new CHESS must be implemented safely and with the functionality to serve the market’s needs,” she said.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.