• Mark Freeman to retire as CEO and Managing Director at end of FY2026
• Alison Gibson appointed as successor, effective July 2026
• Gibson to also replace Freeman as Managing Director and CEO of AICS

Australian Foundation Investment Company Limited (AFIC) today announces that Mark Freeman, Chief Executive Officer and Managing Director, has decided to retire at the end of the 2026 Financial Year. It also announces the appointment of Alison Gibson as his successor, effective 13 July 2026. Alison Gibson will also replace Mark Freeman as Managing Director and CEO of Australian Investment Company Services Limited ('AICS'), which provides investment and administration services to AFIC (ASX: AFI) and three other listed investment companies. AFIC's Chairman, Craig Drummond, acknowledged Mark Freeman's long and distinguished career, his leadership, and his successful navigation of the listed investment companies through a period of significant change. Drummond noted that under Freeman's involvement, the funds under management have grown from just over $1 billion to $12 billion with over 200,000 shareholders. Freeman expressed confidence in the future of AFIC and the other listed investment companies he has managed. Alison Gibson is an experienced investment professional with over 25 years' experience across portfolio management, equity research, and investment strategy. She previously worked at AFIC from 2011 to 2021 before joining HESTA, and the Chairman expressed confidence in welcoming her back to the company.

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