HESTA, one of Australia's largest industry superannuation funds serving health and community sector workers, is navigating leadership upheaval with the announcement that its third C-suite executive in under 12 months is departing, even as the $100 billion-plus fund delivered solid investment gains for members in 2025 and advocates for major retirement system reforms.
Chief Operating Officer Stephen Reilly will step down, joining a wave of senior exits that includes CEO Debby Blakey, who plans to retire in the second half of 2026 after years at the helm. The departures come as HESTA celebrates surpassing $100 billion in funds under management and reports strong member returns, but also grapples with lingering effects from a 2025 administration transition that drew regulatory scrutiny from the Australian Prudential Regulation Authority (APRA).
