ASX chair Damian Roche to retire
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The news: The Australian Securities Exchange (ASX) has announced its chair Damian Roche will retire, with David Clarke named as his replacement.
The numbers: Roche joined ASX’s board in 2014 and has been chair of the bourse since 2021. He had previously stated this would be his final term in the role.
Today, Clarke joined the ASX board immediately as non-executive director and chair-elect and would transition to chair at the company’s upcoming annual general meeting on 28 October. He has previously served as CEO of Investec Bank and MLC.
The context: Roche’s term has been marked by the bourse’s bungled project to design a replacement for its CHESS share settlement system. The planned blockchain upgrade subsequently unraveled and resulted in a $250 million writedown to the company’s balance sheet.
Last month, corporate regulator ASIC sued the ASX, alleging that it misled investors over the progress of the project, which had initially started in 2015.
The source: ASX announcement
