ASIC reshuffle: Peter Kell steps up, replaced by independent bank director

ASIC is undergoing a significant management reshuffle as commissioner Peter Kell takes on a new role and is replaced by the head of one of Australia's largest non-major banks



Current ASIC commissioner, Peter Kell, has been selected as deputy chairman of the organisation for a five-year period beginning May 6, according to a statement issued by the parliamentary secretary to the treasurer late last week.

Kell, who joined ASIC in 2011, will be replaced by Cathie Armour, who has signed on as full-time commissioner for a four-year period beginning June 3.

Armour is an executive director and general counsel of Macquarie Capital within the Macquarie Group. According to the release, she has extensive experience in the financial sector, including responsibility for Macquarie Capital Compliance and Risk. Prior to working at Macquarie, Armour was legal counsel at JP Morgan.

With the appointments of Kell and Armour and the departure of Belinda Gibson, the current deputy chairman, ASIC will have five full-time members, including the chairman and the deputy chairman.

Neither Peter Kell nor Cathie Armour were available for comment prior to our deadline.


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