Reserve Bank Assistant Governor John Laker has been appointed Chairman of the Australian Prudential Regulation Authority's (APRA) new executive committee as the Federal Government continues its purge of the regulator. Dr Laker takes over from Jeffrey Carmichael, the chairman of the former APRA board, who has taken early retirement. CEO Graeme Thompson finishes today after his five-year contract wasn’t renewed.

Dr Laker’s deputy will be former Australian Competition and Consumer Commissioner Ross (Kerry) Jones. He is also an Associate Professor at the University of Technology, Sydney.

CPI Group CEO Stephen Somogyi has been selected as a member of the Executive Committee for a three-year term. He is a commissioner of the Safety, Rehabilitation and Compensation Commission and has had “vast experience” in the insurance industry, according to APRA.