Former RBA deputy governor heads to Funds SA

Funds SA, the $40 billion investment corporation owned by the Government of South Australia, has announced the appointment of Guy Debelle as a director for a three-year term.

Debelle currently serves as co-chair of the Australian Sustainable Finance Initiative Taxonomy Technical Experts Group and is an adjunct professor at Adelaide University’s School of Economics.

“Dr Debelle brings tremendous depth of experience in financial and economic policy to the Funds SA Board, having spent 25 years at the Reserve Bank of Australia, the last seven years as the deputy governor,” Funds SA said in a statement.

During his tenure with the RBA, Debelle made “major contributions” to monetary policy, financial market operations, and management of the bank, according to former RBA governor Philip Lowe.

Debelle announced his resignation from the Reserve Bank in 2022 to take up the role of chief financial officer at Fortescue Metals subsidiary Fortescue Future Industries (FFI).

He later transitioned to a new role on the board of FFI Australia after being involved in a “serious bicycle incident” but would ultimately depart from the company in late 2023.

Moreover, he holds a bachelor of economics from the University of Adelaide and a PhD in economics from the Massachusetts Institute of Technology.

Last year, Funds SA also appointed John Piteo to the role of CEO, concluding a seven-month search.

Piteo took up the reins from Jo Townsend, who had worked as CEO for eight years and announced in February 2023 that she would step down later in the year.

Piteo had been chief operating officer at the corporation since 2016. Prior to this, he was chief financial officer, holding the position from 2004.

It was revealed in April that Townsend had been appointed CEO of the Guardians of New Zealand Superannuation, the Crown entity that manages NZ Super Fund.

“My decision to step down from the CEO role has not been an easy one, and is very much taken from a personal perspective,” Townsend said at the time.

“It has been an absolute privilege to lead this great organisation and work with so many dedicated people who genuinely enjoy what they do and understand its importance.”