Helen Lofthouse will step down as Chief Executive Officer of the Australian Securities Exchange in May, ending an 11-year tenure at the Company. Her departure comes as the exchange prepares to launch the first phase of its long-delayed CHESS replacement project.
Departure Announced Ahead of Key Project Milestone
ASX confirmed on Tuesday that Lofthouse will resign from her roles as Managing Director and CEO in May. The exchange did not provide a specific reason for her decision to leave.
Helen Lofthouse, CEO of the Australian Securities Exchange, will step down in May after nearly three years in the role. [Bloomberg]
Her exit comes weeks before the planned April launch of the first phase of the revamped CHESS system. The Clearing House Electronic Subregister System manages clearing, settlement, and share ownership records in Australia.
The CHESS replacement project has faced repeated delays and cost overruns in recent years. It was originally designed as a blockchain-based system before being scrapped in 2022.
ASX later reset the program and opted for a phased rollout. The April go-live date marks a critical stage in that transition.
Market Reaction and Share Performance
ASX shares closed 0.5 percent higher before the announcement was made after market hours. However, the stock declined 1.7% the following day, marking its sharpest fall since mid-December.
Over the past year, ASX shares have dropped 11%. During the same period, the benchmark S&P/ASX 200 Index rose 6.3 percent.
Data also shows that ASX shares are down about 30% since Lofthouse became CEO in 2022. By contrast, shares of Singapore Exchange and Cboe Global Markets have gained more than 30 percent over the same timeframe.
The Company is due to report its half-year results on Thursday. Investors are expected to seek clarity on leadership succession plans.
Regulatory Scrutiny and Capital Charge
ASX has faced regulatory pressure following operational incidents and governance concerns. In December, the Australian Securities and Investments Commission imposed a capital charge of A$150 million.
ASX faces regulatory review and increased capital requirements following operational incidents. [ASX]
The regulator began a broad inquiry in June into ASX’s governance and risk management practices. A final report from that review is due by March 31.
In addition, the exchange experienced a technical outage on December 1 that disrupted Company announcements for several hours. Earlier in August 2025, a Company name mix-up also drew attention from regulators.
In January, ASX warned of a sharp rise in annual costs. The increase was linked partly to spending on technology upgrades and strengthened risk controls.
Leadership Tenure and CHESS Reset
Lofthouse became CEO in August 2022, succeeding Dominic Stevens. She was the first woman to lead the Australian exchange.
Shortly after taking the role, she called for a reassessment of the CHESS replacement program. Independent reviews had raised concerns about the blockchain-based design.
Later that year, ASX halted the original version of the project. The reset included a shift away from blockchain and a renewed focus on delivery and operational reliability.
Chair David Clarke said Lofthouse assumed leadership during a challenging period. He noted her decision to stop the earlier CHESS iteration and increase investment in technology and risk systems.
Industry and Analyst Reactions
Market participants have commented publicly on the leadership change. Bloomberg posted on X that Lofthouse’s departure comes as ASX navigates operational and regulatory challenges.
Marc Jocum, senior product and investment strategist at Global X ETFs, said the transition places renewed focus on delivery and operational resilience. He noted that restoring market confidence will remain a priority.
Jun Bei Liu, co-founder of Ten Cap Investment, told Bloomberg that the resignation was disappointing. She said the Company appeared to be progressing with cost controls and regulatory engagement.
Liu added that uncertainty around succession could weigh on shares in the near term. ASX confirmed that a global search has begun to identify the next chief executive.
Competition and Strategic Pressures
ASX also faces growing competition in listings from Cboe Global Markets. Competitive dynamics have added pressure as the exchange works to modernise its infrastructure.
ASX faces growing competition in listings from global exchange operators.
The exchange has increased spending to strengthen systems and oversight. However, those investments have contributed to higher projected annual expenses.
The Company said internal candidates will be considered in the CEO search. At the same time, it did not rule out appointing an external successor.
Investors will look for updates during the upcoming earnings release. Guidance on the transition timeline may shape market expectations.
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Transition Period and Next Steps
Lofthouse’s departure will take effect in May. Her term as CEO will end while the CHESS rollout continues in stages.
The governance inquiry report due by the end of March may also influence the transition. Regulatory findings could affect strategic priorities for the incoming chief executive.
ASX stated it has initiated a formal process to identify her replacement. The board aims to ensure continuity as the exchange advances its technology overhaul.
The coming months will therefore coincide with leadership change, regulatory review, and system implementation. Market participants will monitor developments as ASX navigates this period.
FAQs
- Why is ASX CEO Helen Lofthouse stepping down?
ASX announced that Helen Lofthouse will step down in May, though the exchange did not provide a specific reason for her resignation. Her departure comes as the Company manages regulatory scrutiny and prepares for the next phase of the CHESS system rollout.
- When will Helen Lofthouse officially leave ASX?
Helen Lofthouse will step down in May 2026. The leadership transition comes ahead of the April launch of the first phase of the updated CHESS clearing and settlement system.
- What is the CHESS project at ASX?
CHESS, the Clearing House Electronic Subregister System, manages share clearing and settlement in Australia. ASX is replacing the system after abandoning its earlier blockchain-based upgrade in 2022 due to delays and cost overruns.
- How have ASX shares reacted to the CEO’s resignation?
ASX shares declined 1.7 percent following the announcement of Helen Lofthouse’s departure. The stock has also fallen over the past year compared to gains in the broader Australian market index.
- Is ASX facing regulatory action?
Yes. The Australian Securities and Investments Commission imposed a A$150 million capital charge in December. A broader governance and risk management inquiry is expected to deliver its final report by March 31.
- Who will replace Helen Lofthouse as ASX CEO?
ASX has begun a global search for its next chief executive. The Company confirmed that both internal and external candidates will be considered during the selection process.
- How long did Helen Lofthouse serve as ASX CEO?
Helen Lofthouse became CEO in August 2022. She has spent more than 11 years at ASX, holding various senior roles before her appointment as chief executive.
