ASIC’s second-in-command is set to depart the corporate watchdog, just months into a one-year extension of his contract.
Peter Kell’s resignation from his role as ASIC deputy chairman will take effect on Dec. 6, after seven years with the regulator and after a year of responding to the Hayne royal commission as point man for ASIC.
Kell joined ASIC in 2011 and was initially due to leave ASIC in May this year, upon expiry of his five-year term as commissioner. His contract was extended for another year, until May next year, so he could assist with the transition of new ASIC chairman James Shipton and lead the royal commission response, given his intimate knowledge of banking and ASIC operations.
"It's been a privilege being commissioner in an organisation like ASIC, and I was happy to stay on to help the James Shipton transition into the new chair,” Kell told The Australian Financial Review. “Now that that has occurred, and the fact we have several additional commissioners which have come on board, the timing is right for me to move on."
After Kell’s departure, ASIC will have six commissioners, including Danielle Press, former chief executive of Equipsuper, who will be starting this week, and Sean Hughes, a former NZ regulator and current Tabcorp general counsel, who will start later this year. The regulator will also have a new deputy chairman in Daniel Crennan, whose focus in on enforcement, AFR reported.