The Australian Securities Exchange operator confirmed on Tuesday that Managing Director and Chief Executive Helen Lofthouse will leave the company in May, ending an 11-year association with the exchange.
Lofthouse, who was elevated to the chief executive role in 2022, will depart as the organisation prepares to deliver the first phase of its upgraded CHESS system. The company has set a target for that phase to go live in April. CHESS is the system ASX uses to clear and settle trades and record ownership of shares.
ASX's board chair, David Clarke, provided an assessment of Lofthouse's time at the helm, noting she assumed leadership during a difficult period. Clarke said Lofthouse halted the prior iteration of the CHESS project and guided the firm toward greater investment in technology, delivery and risk management.
The earlier CHESS initiative - which had been based on blockchain technology - was abandoned in 2022 after experiencing years of schedule slips and cost increases. The termination of that project prompted regulatory scrutiny and triggered a strategic review of how the exchange would proceed. The programme that replaced it is being implemented in phases.
ASX said a process to identify and appoint a successor will begin soon. Beyond the executive transition, the exchange faces the immediate operational milestone of bringing the initial segment of the reworked CHESS system into service, following the phased rollout plan announced by the company.
Context on CHESS and timing
The exchange has described CHESS as the mechanism it relies on to clear, settle and maintain ownership records for equities transactions. With the revamped programme now moving forward in stages, the delivery of the first phase this spring is a focal point for the organisation as it manages both leadership change and a major systems rollout.
ASX reiterated that a formal search for Lofthouse's replacement will commence shortly, allowing the board to oversee a transition while the phased implementation of the CHESS replacement continues.