Commissioning a leadership shuffle

Jeffrey Lucy

After announcing his resignation from the position of commissioner at the Australian Securities and Investments Commission (ASIC), Jeffrey Lucy is set to assume an equivalent post at the Financial Reporting Council (FRC), in a move that has sparked plenty of change in leadership of the two councils.

ASIC chairman Tony D’Aloisio thanked Lucy for his contribution to ASIC — which spanned four-and-a-half years — having joined ASIC in 2003 as deputy chairman before further appointment to the roles of chairman and commissioner in 2004 and 2007, respectively.

Lucy has accepted the position of part-time chairman of the FRC for a three-year period commencing December 11, 2007, the day after he hands over the ASIC reins to Belinda Gibson.

Lucy is expected to slide easily into the role, as this is his second stint in the FRC role, having served as the council’s chairman from 2001 to 2003. Lucy will succeed outgoing FRC chairman, Charles Macek.

Merger and acquisitions lawyer Gibson will fill Lucy’s role as an ASIC commissioner, and will bring plenty of experience in corporate and securities law when she joins the commission on November 5, 2007.

D’Aloisio said Gibson’s managerial experience combined with her extensive legal skills will bring considerable practical and commercial expertise to the commission.

He further commented on Lucy’s contribution to the commission, which kicked off significant initiatives in regulation, compliance and enforcement, promoting higher standards of corporate business disclosure and conduct in Australia.

“I am pleased that [Lucy] will continue to make an excellent contribution to corporate Australia, and to the accounting and auditing profession in particular, in his role as chairman of the Financial Reporting Council. His commitment to public service has been exemplary,” D’Aloisio said.