APRA Chair to Step Down

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APRA Chair Wayne Byres is to stand down from his position after eight years in the role.

A statement from Byres says he has advised the Governor-General that he intends to stand down as Chair of APRA, effective 30 October 2022.

The APRA website states that Byres was appointed as a Member and Chair of APRA from 1 July 2014 for a five-year term and he was subsequently reappointed for a second five-year term in July 2019.

Byres says that being Chair of APRA has been an honour and a privilege.

Wayne Byres…just as we expect the financial institutions we regulate to carefully consider how they renew their leadership, the same applies to APRA…

“I’ve enjoyed the past eight years immensely, and I’m pleased with what has been achieved by APRA in that time. There is always more to do, but the financial system is stable, APRA’s leadership team is strong, and the organisation and its people are well-placed to continue to manage future challenges.”

Byres adds that against that backdrop, he feels that now is a good time to hand over the Chair’s role to someone new, “…who will lead the organisation on the next stage of its journey. Just as we expect the financial institutions we regulate to carefully consider how they renew their leadership, the same applies to APRA.”

He says it has been a difficult decision to make, “…as there is much about APRA I will miss, but after eight years as Chair I believe the time is right. I have every confidence the organisation will continue to do great things for the Australian community.”

Until his departure in October, Byres will be fulfilling all his usual obligations as Chair and accountable authority for APRA.

“However, I would like to take the opportunity that [the] announcement provides to acknowledge my friends and colleagues in APRA, and across the public sector more broadly, for their unstinting support and cooperation. I have greatly appreciated their help,” he says.