AMCIL and AFIC announce a major leadership transition as long-serving CEO Mark Freeman retires, with Alison Gibson appointed to succeed him in July 2026.
- Mark Freeman retiring as CEO and Managing Director at end of 2026 financial year
- Alison Gibson appointed successor for AMCIL, AFIC, and AICS leadership roles
- Gibson brings over 25 years of investment experience and prior AICS tenure
- Freeman credited with growing funds under management from $1 billion to $12 billion
- Gibson’s remuneration package includes $850,000 base salary plus incentives
Leadership Transition at AMCIL and AFIC
In a significant development for two of Australia’s prominent listed investment companies, AMCIL Limited and Australian Foundation Investment Company Limited (AFIC) have jointly announced the retirement of their long-serving Chief Executive Officer and Managing Director, Mark Freeman. Freeman, who has been a central figure in the management of these companies for over three decades, will step down at the end of the 2026 financial year.
Stepping into this pivotal role is Alison Gibson, an investment professional with a robust 25-year track record across portfolio management, equity research, and investment strategy. Gibson’s appointment, effective July 2026, extends beyond AMCIL and AFIC to include Australian Investment Company Services Limited (AICS), the service provider managing investment and administration for these LICs and others.
A Proven Successor with Deep Industry Roots
Gibson is no stranger to the LIC ecosystem, having previously served as a portfolio manager within the AICS investment team from 2011 to 2021. Her return is welcomed by company leadership, with AFIC Chairman Craig Drummond highlighting her experience in leading investment teams and delivering long-term stakeholder outcomes. Her appointment signals continuity and a steady hand at the helm, particularly important given the LIC structure’s emphasis on long-term investment horizons and shareholder alignment.
Mark Freeman’s tenure has been marked by substantial growth and stability. Under his leadership, the combined funds under management for the LICs serviced by AICS expanded from just over $1 billion to $12 billion, serving more than 200,000 shareholders. Freeman’s passion for investing and transparent communication with shareholders have been repeatedly acknowledged by company chairmen Rupert Myer and Craig Drummond.
Terms and Outlook
Details of Gibson’s employment terms reveal a competitive remuneration package, including a base salary of A$850,000 per annum plus an annual incentive plan potentially matching 100% of her fixed remuneration. The role is permanent and full-time, with standard post-employment restrictions and notice periods outlined.
Freeman expressed confidence in the future of AMCIL, AFIC, and the other LICs under the stewardship of the existing team and Gibson’s leadership. His departure marks the end of an era but also opens a new chapter for these investment companies, which continue to offer low-cost, shareholder-focused investment vehicles with a long-term perspective.
Bottom Line?
As Alison Gibson takes the reins, investors will watch closely to see how her leadership shapes the future of these influential LICs.
Questions in the middle?
- Will Alison Gibson maintain the existing investment strategies or introduce new approaches?
- How will the market respond to the leadership change given Freeman’s long tenure?
- What impact might Gibson’s leadership have on the growth trajectory of AMCIL and AFIC?