New MD and CEO named for AFIC

The Australian Foundation Investment Company (AFIC), Australia's oldest listed investment company, has announced the promotion of chief investment officer Mark Freeman to the role of CEO and managing director, effective 1 January 2018.

Freeman will succeed Ross Barker who is retiring from the firm in December 2017, after 16 years at the helm. Freeman will also succeed Barker as managing director and CEO of Australian Investment Company Services (AICS), which provides investment and administration services to AFIC and three other listed investment companies: Djerriwarrh Investments, Mirrabooka Investments and AMCIL.

Prior to joining AFIC in 2007, Freeman was a partner with Goldman Sachs JBWere, advising AFIC and the three other listed investment companies on their investment and dealing activities.

Commenting on his promotion, AFIC chair, Terrence Campbell, said: "Mark is a natural successor to Ross Barker. He has profound knowledge and depth of experience with investment markets and has a strong understanding of the Company's direction, policies and processes."

According to AFIC, Barker and Freeman will work closely together over the coming months as operating activities and responsibilities are transferred.