ASIC chief executive Warren Day to become top Federal prosecutor’s wing man as Joe Longo eyes more reforms

Australian Securities and Investments Commission chief executive Warren Day is moving to the Federal prosecution agency after just three years running the corporate cop shop.

Mr Day is to become the executive officer to new Commonwealth Director of Public Prosecutions Raelene Sharp on June 1 in what ASIC has described as a secondment.

But Mr Day, who has worked at ASIC for more than 20 years, has indicated he will not return to the corporate watchdog when he finishes in his role with the Federal prosecutor.

He has worked behind the scenes at ASIC on reforms being publicly pushed by chair Joe Longo and deputy chair Sarah Court, a former commissioner at the Australian Competition and Consumer Commission.

Mr Longo said in a statement that Mr Day was leaving with his full support after playing a “significant leadership role, particularly with leading the organisational redesign, the delivery of our strategic and enforcement priorities, and the management of ASIC’s executive leadership team”.

“His appointment underpins the critical institutional relationship ASIC holds with the CDPP, which is core to our enforcement work,” Mr Longo said.

“This is an opportunity for him to bring the skills and experience he has gained at ASIC to an agency we have a shared interest in supporting and seeing succeed.”

The timing is good for ASIC given senior figures are keen to improve the communication between its investigators and CDPP lawyers who ultimately decide on major criminal charges.

The respective Perth teams are now seen as being well ahead of some eastern seaboard counterparts in cutting red tape that can slow investigations and prosecutions.

Mr Day’s departure and two looming retirements are being painted by Mr Longo as “an opportunity for executive renewal and ASIC’s ongoing transformation towards being a modern, ambitious and confident regulator”.

Mr Longo and Ms Court now have three major executive roles to fill.

ASIC’s regulation and supervision chief executive Greg Yanco will become interim chief executive on June 1.

But Mr Yanco plans to retire in mid-2025, giving ASIC until early next year to begin a search for a permanent new chief executive.

ASIC also needs to find a new enforcement and compliance boss given current executive director Tim Mullally plans to retire at the end of July 2024.

Mr Longo said there were “opportunities for exceptional leaders to drive the next phase of ASIC’s transformation”.