Save Share Australian Securities and Investments Commission chairman James Shipton will be replaced despite being cleared of any wrongdoing because Treasurer Josh Frydenberg wants a fresh face to overhaul the troubled corporate regulator. Mr Shipton, who stood aside in October pending an independent investigation into some of his relocation expenses, will return to work on Monday but depart once a replacement is found. The deputy chairman of the prudential regulator, John Lonsdale, is one name being kicked around in corporate circles as a possible replacement for Mr Shipton. Treasurer Josh Frydenberg with ASIC chair James Shipton in better times. AAP Image/Fairfax Media Pool, Peter Braig