Djerriwarrh Investments and Australian Foundation Investment Company announce a major leadership change as Mark Freeman retires and Alison Gibson steps in as CEO and Managing Director.
- Mark Freeman retiring end of 2026 financial year
- Alison Gibson appointed CEO and Managing Director from July 2026
- Gibson to lead Australian Investment Company Services Limited (AICS)
- Freeman’s 31-year tenure includes 8 years as CEO and 10 as CIO
- Gibson’s remuneration includes A$850,000 base salary plus incentives
Leadership Transition at Djerriwarrh and AFIC
In a significant development for two of Australia's leading listed investment companies, Djerriwarrh Investments Limited (DJW) and Australian Foundation Investment Company Limited (AFIC), Mark Freeman has announced his retirement as Chief Executive Officer and Managing Director, effective at the end of the 2026 financial year. His departure marks the end of a distinguished 31-year career with the companies, including eight years as CEO and a decade as Chief Investment Officer.
Stepping into the leadership role is Alison Gibson, a seasoned investment professional with over 25 years of experience. Gibson will assume the positions of CEO and Managing Director for both Djerriwarrh and AFIC, as well as for Australian Investment Company Services Limited (AICS), the service provider managing investment and administration for these LICs and others.
A Proven Track Record and Strategic Continuity
Gibson’s appointment signals a continuity of expertise and strategic focus. Having previously served as a portfolio manager at AICS from 2011 to 2021, she brings deep familiarity with the LIC structure and investment philosophy. Her background spans portfolio management, equity research, and investment strategy within institutional and funds management settings, positioning her well to lead the companies through their next phase.
The boards of both Djerriwarrh and AFIC have expressed strong support for the transition. AFIC Chairman Craig Drummond highlighted Freeman’s leadership during a period of significant growth, noting that funds under management expanded from just over $1 billion to $12 billion under his stewardship, benefiting more than 200,000 shareholders.
Freeman’s Legacy and Gibson’s Mandate
Mark Freeman reflected on his tenure with pride, emphasising the unique nature of LICs as low-cost, shareholder-owned investment vehicles that enable a long-term investment horizon. He expressed confidence in the team and the future under Gibson’s leadership, describing his retirement as the right moment to hand over the reins.
Alison Gibson’s remuneration package includes a base salary of A$850,000, inclusive of superannuation and other benefits, alongside an annual incentive plan equal to 100% of her fixed remuneration. The terms also include standard post-employment restrictions and notice periods, underscoring the companies’ commitment to a smooth and professional leadership transition.
Implications for the LIC Sector
This leadership change comes at a time when LICs continue to attract investor interest for their cost-effective, long-term investment approach. Gibson’s return to the LIC sector, after a stint outside AICS, may bring fresh perspectives while maintaining the stability investors expect. Market watchers will be keen to see how her leadership influences strategic priorities and investment outcomes across these prominent LICs.
Bottom Line?
As Alison Gibson takes the helm, investors will watch closely to see how her leadership shapes the future of these major LICs.
Questions in the middle?
- What strategic shifts, if any, will Alison Gibson introduce to the LICs’ investment approach?
- How will the leadership change impact investor confidence and share price performance?
- What are Gibson’s plans for navigating evolving market conditions and LIC sector competition?