The Australian Foundation Investment Co Ltd (ASX: AFI) share price is in focus today after the ASX-listed giant announced a leadership transition, with CEO and Managing Director Mark Freeman set to retire at the end of the 2026 financial year. AFIC also named Alison Gibson as his successor, effective 13 July 2026.
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What did Australian Foundation Investment Company report?
- Mark Freeman to retire as CEO and Managing Director at end of FY26 after over 31 years with AFIC and related LICs
- Alison Gibson appointed incoming Managing Director and CEO, effective 13 July 2026
- Gibson brings over 25 years' experience in investment management, including a decade at AFIC
- AFIC's funds under management have grown from $1 billion to $12 billion under Freeman's leadership
- More than 200,000 shareholders currently invest in AFIC and related listed investment companies
What else do investors need to know?
Alison Gibson will take charge not only at AFIC but also as CEO and Managing Director of Australian Investment Company Services Limited (AICS). This group provides investment and administration services to AFIC and three other listed investment companies: Djerriwarrh Investments, Mirrabooka Investments, and AMCIL Limited.
Gibson previously served as portfolio manager at AFIC from 2011 to 2021 before joining HESTA. She has a strong background in portfolio management, equity research, and investment strategy, leading investment teams in both institutional and funds management settings.
Her employment package includes a base salary of $850,000 per annum plus a potential annual incentive of up to 100% of her fixed remuneration, along with standard notice and post-employment restrictions.
What's next for Australian Foundation Investment Company?
With Freeman's retirement planned for the end of FY26, the leadership transition will take place over the coming year. Alison Gibson is expected to build on AFIC's established investment approach, supported by her experience and familiarity with the business.
The Board has highlighted its confidence in Gibson's ability to lead AFIC and its affiliates, continuing their focus on long-term value for shareholders at low cost.
Australian Foundation Investment Company share price snapshot
Over the past 12 month, AFIC shares have declined 7%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.
