Ousted D'aloisio To Bounce Back In Top Job At Asic
The Age
Saturday April 28, 2007
TONY D'Aloisio, ousted last year as ASX chief executive in its merger with the SFE, is set to become chairman of Australia's corporate regulator.
Mr D'Aloisio has been nominated to take over as chairman of the Australian Securities and Investments Commission. He replaces Jeff Lucy, who became acting chairman of ASIC at the end of 2003 and who was appointed chairman in 2004. In what is regarded as an unusual move, Mr Lucy has agreed to stay on as an ASIC commissioner. Mr Lucy will be based in Adelaide, and the appointment runs until 2009. In a statement released yesterday, Treasurer Peter Costello said: "The continued service of Mr Lucy and the appointment of Mr D'Aloisio as chairman will ensure continuity with the operation of the commission." Mr Costello's office yesterday could not explain why the regulator was hanging on to its former chairman by turning him into a commissioner. Mr Lucy confirmed the job switch had never been done before. "It's certainly never happened within ASIC and I think realistically, it's quite unusual generally." But he said it allowed him to continue the work he had already been doing. This included maintaining dialogue with the Securities and Exchange Commission in the US and the American audit watchdog, the Public Company Accounting Oversight Board. "What this does is to provide me with a chance to see through a few matters that I have been engaged with closely, and I am really pleased to have an opportunity," Mr Lucy said. Mr D'Aloisio, who had been appointed an ASIC commissioner in November, was one of two internal candidates for the job. The other was deputy chairman Jeremy Cooper, who had taken on his five-year appointment in 2004. Mr Lucy and his predecessor David Knott had served as deputy chairmen before taking the top job. Mr Cooper was unavailable for comment yesterday. Mr Costello said he had written to the states and territories proposing the appointments of Mr D'Aloisio and Mr Lucy. Mr D'Aloisio had run the ASX since October 2004. But after he initiated the ASX bid for the SFE, major SFE shareholders threatened to scrap the $5.3 billion deal if SFE chief executive Robert Elstone was not made CEO of the merged entity. Last June, the ASX board bowed to investors, who, according to insider accounts, had issues with Mr D'Aloisio's delivery and image, and dumped him. At the time, institutional investors had reportedly described Mr D'Aloisio as someone whose communication skills could do with improvement. There had also been poor workforce morale inside ASX, with a staff survey by global management consultants Hewitt showing staff engagement levels at a low 34 per cent.An ASIC spokeswoman said Mr D'Aloisio would not be interviewed until his appointment was confirmed.
© 2007 The Age