Mark Freeman Retires: Who Is Alison Gibson, the New CEO of Mirrabooka and AFIC?

Leadership Transition in LIC Sector

Mark Freeman, a stalwart figure in the Australian listed investment company (LIC) sector, has announced his retirement as CEO and Managing Director of Mirrabooka Investments Limited and Australian Foundation Investment Company Limited (AFIC) at the close of the 2026 financial year. His departure marks the end of an era for these LICs, which have seen substantial growth and evolution under his stewardship.

Freeman’s career with these entities spans over three decades, including eight years as CEO and Managing Director and a decade as Chief Investment Officer. Under his leadership, the combined funds under management for these LICs expanded from just over $1 billion to an impressive $12 billion, serving more than 200,000 shareholders. His tenure is noted for navigating the companies through periods of significant change while maintaining a focus on low-cost, long-term investment strategies.

Alison Gibson – A Return to Familiar Ground

Stepping into Freeman’s shoes is Alison Gibson, an experienced investment professional with over 25 years in portfolio management, equity research, and investment strategy. Gibson’s appointment as CEO and Managing Director of Mirrabooka, AFIC, and Australian Investment Company Services Limited (AICS), the management and administration entity servicing these LICs, is effective from July 2026.

Gibson is no stranger to these organisations, having served as a portfolio manager at AICS from 2011 to 2021 before a stint at HESTA. Her return is welcomed by AFIC’s Chairman, Craig Drummond, who highlighted her strong leadership skills and ability to deliver long-term outcomes for stakeholders. Gibson’s appointment signals continuity as well as fresh leadership energy, with a remuneration package that includes a base salary of A$850,000 and an annual incentive plan potentially matching that amount.

Implications for the LIC Landscape

The leadership change comes at a time when LICs continue to attract investor interest for their unique structure, which allows for a long-term investment horizon and alignment with shareholder interests. Freeman’s remarks underscore the value of the LIC model as a low-cost, shareholder-owned vehicle capable of taking a patient approach to investment.

With Gibson at the helm, investors will be watching closely to see how she balances the legacy of steady growth and shareholder focus with the evolving challenges and opportunities in the investment management sector. The transition also highlights the importance of experienced leadership in maintaining investor confidence and navigating market complexities.

Both Mirrabooka and AFIC have expressed gratitude for Freeman’s contributions and optimism about the future under Gibson’s leadership, suggesting a smooth handover and a commitment to sustaining the companies’ strong market positions.