Debby Blakey, the chief executive officer of HESTA, has announced her decision to step down in the latter half of this year after more than a decade at the helm. Her transformative leadership saw the superannuation fund's assets grow beyond US$70.5 billion, establishing a significant legacy. As Blakey prepares to transition into a new career phase focusing on a board portfolio, the HESTA Board has commenced a search for her successor.
A Transformative Era of Growth
Under Ms. Blakey's stewardship, HESTA experienced a period of unprecedented expansion, cementing its position as a major industry player. The retirement savings of its members grew by approximately US$50 billion, with total funds under management tripling to surpass the $70.5 billion milestone. This remarkable growth was accompanied by an increase of over 250,000 members, bringing the fund's total membership to more than 1.05 million individuals.
This financial success was built on a foundation of strategic innovation and operational enhancement. A key development was the implementation of a new technology-driven administration platform designed to improve member services and efficiency. Furthermore, the fund scaled its internal investment capabilities, with its in-house team now managing nearly 20% of the portfolio, making it HESTA's largest single asset manager.
A Legacy of Advocacy and Impact
Beyond financial metrics, Debby Blakey's tenure is defined by her passionate advocacy for a more equitable superannuation system. She has been a tireless champion for narrowing the gender super gap and improving retirement outcomes for working women across Australia. Her influence extends across the industry, where she currently serves as the President of the Australian Council of Superannuation Investors (ACSI), a leading voice on corporate governance.
This commitment was embodied in HESTA’s "Super with impact™" approach, which Blakey pioneered to drive positive change. She was at the forefront of responsible investment, guiding the fund to become a global leader in addressing climate transition risks. Her leadership also drove institutional investment into new areas like affordable housing and advanced partnerships with First Nations communities, setting new industry standards.
Leadership Reflections and Future Steps
HESTA Chair Nicola Roxon paid tribute to Ms. Blakey's "stellar contribution" and "unwavering commitment" throughout her 17 years with the fund. Roxon emphasized that Blakey has made an "indelible mark" on both HESTA and the wider industry, personifying the fund's reputation as a gutsy advocate for its members. Her leadership was credited with securing sustained performance, including multiple industry awards for delivering strong net benefits to members.
Reflecting on her departure, Ms. Blakey described her time as CEO as the "greatest privilege" of her career and an incredible honour. She stated that after a decade in the role and leading the organisation through significant transformation, it felt like the right time to shift her focus. Blakey affirmed her dedication to ensuring a seamless leadership transition to support the continued delivery of strong outcomes for HESTA members.
Debby Blakey's departure marks the end of a significant era for HESTA, leaving the fund with a powerful legacy of financial growth and purpose-driven investment. Her leadership has not only trebled members' savings but has also reshaped industry conversations around gender equity and responsible investing. The board expects to announce a new CEO by July, who will be tasked with building upon the strong foundations established over the past decade.