New faces to lead ACCC and ASIC

Treasurer Wayne Swan nominates Rod Sims as the new chairman of the ACCC and appoints Greg Madcraft to lead ASIC

May 3, 2011

A former bureaucrat with a strong background in business has been nominated to lead the Australian Competition and Consumer Commission after current chairman Graeme Samuel departs.

Treasurer Wayne Swan named has Rod Sims to take over the top job at the competition watchdog when Samuel leaves in July.

Sims previously worked under former Prime Minister Bob Hawke in the Department of Prime Minister and Cabinet.

He currently chairs the Independent Pricing and Regulatory Tribunal in NSW, while also serving as a corporate advisor and an advisor to the Federal Government’s climate change committee.

Sims’ appointment must be approved by all the states and territories.

The Australian Industry Group (Ai Group) has welcomed Swan’s announcement and says Sims will be well received by business.

"Mr Sims is well versed in business and has a deep understanding of microeconomic policies and market dynamics. This experience and competence equips him well to take on this important job," Ai Group CEO Heather Ridout says.

Samuel has spent eight years as ACCC chairman. In an email to staff earlier this year, he said he intended to pursue other interests once his term expired in July.

Swan has also named Greg Medcraft as the new chairman of the Australian Securities and Investment Commission (ASIC). Medcraft is currently an ASIC commissioner responsible for scrutinising investment banking, super funds and financial advisors.

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