ASX Commences Search for New CEO as Helen Lofthouse Steps Down

The Australian Securities Exchange (ASX) has commenced the process of identifying a new Chief Executive Officer as Managing Director and CEO Helen Lofthouse confirmed she will step down in May 2026, marking the culmination of an 11-year career with the exchange operator. Lofthouse, who was appointed to lead ASX in August 2022, will depart at a pivotal moment for the organisation, just as it prepares to roll out the first phase of its long-delayed CHESS (Clearing House Electronic Subregister System) post-trade infrastructure upgrade.

Under her leadership, ASX halted a problematic blockchain-based CHESS overhaul and restructured the programme, steering the exchange through challenging technology and regulatory environments. The decision to begin a **global search for her successor — potentially from inside or outside the organisation — highlights the board’s intent to usher in fresh leadership for the next phase of transformation.

The leadership transition occurs amid ongoing scrutiny from regulators and investors following repeated operational incidents and regulatory interventions. Despite this, the board has emphasised continuity of strategy and delivery of key initiatives as the exchange enters its next chapter.

Key Highlights

• CEO Step Down: Helen Lofthouse will step down as ASX Managing Director and CEO in May 2026 after 11 years with the company.
• CHESS Transition: Her departure coincides with plans to launch the first phase of the revamped CHESS infrastructure in April.
• Global CEO Search: ASX has initiated a global CEO search, engaging executive search firm Korn Ferry to find a successor.
• Leadership Legacy: Lofthouse is credited with resetting the CHESS project and increasing technology investment and risk management focus.
• Regulatory Context: The exchange has faced regulatory scrutiny for operational issues, including regulatory capital charges and market outages.

The Leadership Transition at ASX

Lofthouse’s Tenure and Impact

Helen Lofthouse joined ASX in 2015 and rose through executive roles before being appointed CEO in August 2022, a period marked by deep organisational and technological challenges. Her tenure has been defined by difficult decisions, notably halting the previous blockchain-based CHESS replacement project, which had suffered extensive delays and cost overruns, and pivoting to a phased delivery strategy that aims to modernise the exchange’s core post-trade infrastructure.

ASX Chair David Clarke acknowledged Lofthouse’s leadership during turbulent times, highlighting her role in stabilising the organisation, realigning strategic priorities, and ramping up investment in technology, delivery and risk management.

With CHESS Release 1 set to go live in April 2026, the board and Lofthouse agree this transition point provides an appropriate moment to begin the leadership succession. A new CEO will be expected to build on recent progress and guide ASX through the next phase of its transformation agenda.

Operational and Regulatory Backdrop

ASX’s strategic and operational landscape over the past few years has been shaped by regulatory scrutiny and a series of technology challenges. The exchange has faced criticism from the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) over governance, risk management, and execution of critical infrastructure projects. This scrutiny includes a A$150 million capital charge imposed in late 2025, reflecting concerns over risk controls and resilience.

In addition to technology programme resets, the exchange experienced operational incidents — including platform outages — that drew market and investor attention. These events have reinforced the spotlight on leadership, execution, and governance practices as ASX pursues strategic renewal in a competitive global market.

Global Search for New Leadership

ASX has engaged international executive search firm Korn Ferry to lead a comprehensive process to identify its next CEO, reflecting the board’s desire to consider a broad pool of candidates. The scope of the search — potentially internal or external — underscores the seriousness of this leadership transition and the ambition to find a leader capable of navigating evolving market infrastructure demands, regulatory expectations, and strategic growth opportunities.

Investors and stakeholders will be watching closely for signals around experience priorities — whether a focus on technology delivery, regulatory navigation, operational resilience, or strategic innovation — as the succession process unfolds. The appointment of the next CEO could mark a defining moment for ASX’s future direction.

Looking Ahead: Strategy and Continuity

Despite the change at the top, ASX has emphasised that its major strategic workstreams will continue without interruption. The executive leadership team remains responsible for delivering key initiatives, including technology modernisation and operational resilience programmes designed to restore market confidence and support Australia’s capital market infrastructure.

The broader industry — including regulators, market participants, and investors — will also be keenly focused on how ASX’s governance and risk frameworks evolve post-transition. As digital and regulatory pressures intensify globally, stable leadership at critical financial market infrastructure providers like ASX remains crucial for systemic confidence.

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