Announcing the appointment, parliamentary secretary to the treasurer, Bernie Ripoll, also flagged the appointment of Cathie Armour as a full-time ASIC commissioner for a four-year period from 3 June 2013.
Mr Kell joined ASIC as a commissioner in 2011, and has extensive experience in both the financial sector and with consumer protection issues, a government statement said.
He also served as deputy chair of the Australian Competition and Consumer Commission, worked in the Organisation for Economic Cooperation and Development, and was previously chief executive of consumer group CHOICE.
Ms Armour is an executive director and general counsel of Macquarie Capital within the Macquarie Group. She has had extensive experience in the financial sector, including responsibility for Macquarie Capital Compliance and Risk. Prior to working at Macquarie, she was legal counsel at JP Morgan, the statement said.
Ms Gibson joined ASIC as a commissioner on 5 November 2007 and was appointed deputy chairman on 7 May 2010, according to ASIC.
With the appointments of Mr Kell and Ms Armour, and the departure of Ms Gibson, ASIC will have five full-time members, including the chairman and the deputy chairman.