Debby Blakey, the chief executive of Australia’s $101 billion HESTA superannuation fund, has announced she will step down in the second half of 2026 after more than a decade at the helm.
The news comes just weeks after the regulator imposed additional licence conditions on the health and community services fund over its bungled administration transition.
A Transformative Tenure Marked by Growth
Blakey’s 11 years as CEO transformed HESTA into one of Australia’s most recognisable industry funds. Under her watch, member retirement savings grew by around $70 billion. The fund expanded from 800,000 members in 2015 to 1.05 million today.
HESTA Chair Nicola Roxon paid tribute to Blakey’s contribution. “Debby has made an indelible mark on HESTA and the industry as a whole,” Roxon said in Monday’s statement. “We pride ourselves on being gutsy advocates for our members, and Debby has personified this.”
The outgoing CEO leaves behind a legacy that extends well beyond balance sheet growth. She championed climate investment, pushed for affordable housing developments, and became a vocal advocate for closing the gender superannuation gap.
Debby Blakey, Chief Executive Officer (CEO) [HESTA]
Timing Raises Questions
The retirement announcement follows a difficult period for HESTA. In December 2025, the Australian Prudential Regulation Authority imposed additional licence conditions on the fund.
The regulatory action stemmed from HESTA’s transition to a new administration provider in June 2025. That changeover resulted in what APRA called a “severe, prolonged disruption to member services” that caused direct harm to members.
Some HESTA members were left unable to access their accounts for weeks. One grandmother told media she was forced to collect her grandchildren on a bicycle after being unable to withdraw funds when her car broke down.
APRA Deputy Chair Margaret Cole was blunt in her assessment. “APRA has identified deficiencies in HESTA’s board governance and management of risks which rendered HESTA inadequately prepared to effectively oversee and manage the transition,” she said.
Industry Leadership Beyond HESTA
Blakey’s influence extended across Australia’s superannuation industry, which now manages around $4.3 trillion in retirement savings.
She currently serves as President of the Australian Council of Superannuation Investors and sits on the board of the International Corporate Governance Network. She also founded the 40:40 Vision initiative promoting gender equality at executive and board levels.
Her advocacy work focused heavily on women’s financial security. With 80% of HESTA’s members being women, Blakey championed policy changes to address systemic inequalities in retirement savings.
“Debby has been a passionate and tireless advocate for a fairer super system, helping narrow the gender super gap,” Roxon noted.
What Comes Next
HESTA’s board has launched a search for Blakey’s replacement. The fund expects to announce a new CEO by July, ahead of her departure later in the year.
Blakey herself plans to shift focus to board roles. “After more than a decade in the role and 17 years at the fund, it felt like the right time to shift my focus to a board career,” she stated.
The incoming CEO will inherit a fund with strong fundamentals but also significant challenges. They’ll need to rebuild trust with members and the regulator while maintaining HESTA’s reputation as an impact investor.
HESTA manages over $101 billion in retirement savings for 1.05 million members, predominantly women working in health and community services. [Market Forces]
Broader Industry Context
Blakey’s departure comes amid heightened scrutiny of Australia’s superannuation sector. Recent cyberattacks targeting multiple funds and the ongoing First Guardian collapse have put pressure on trustees to demonstrate robust governance.
APRA has signalled it will take a harder line on funds that fail to meet their obligations. The HESTA licence conditions represent just one example of regulators flexing their enforcement muscles.
The Association of Superannuation Funds of Australia acknowledged the challenges facing the sector. CEO Mary Delahunty has called for reforms to strengthen consumer protections and improve fund accountability.
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Legacy of Achievement Despite Recent Setbacks
Despite the administration troubles that marked her final months, Blakey’s overall record remains impressive. She positioned HESTA as a leader in responsible investment, pioneered institutional investment in affordable housing, and helped drive climate change commitments across the industry.
“Debby is rightly recognised as one of our business community’s most significant voices,” Roxon said. “HESTA’s unique Super with impact approach sets the vision for how we aim to improve outcomes for our members.”
The superannuation industry will be watching closely to see who takes the reins at one of Australia’s most influential industry funds.
