Monday, 26 August 2019

Pakistan Stock Exchange CEO Richard Morin resigns

KARACHI: Pakistan Stock Exchange (PSX) chief executive officer Richard Morin resigned from his post.

A notification of his resignation was shared on the PSX website.

According to DawnNewsTV, an emergency meeting of the PSX Board of Directors (BoD) was held today during which Morin submitted his resignation. It was approved by the board.

Morin had developed differences with the board, as per DawnNewsTV, and the PSX board of director had written a letter to the Securities and Exchange Commission of Pakistan regarding the CEO, alleging that while he was the CEO in Pakistan, he was running a company abroad.

During a meeting of the BoD on May 20, Morin had given a hearing on the show-cause notice served to him for alleged breach of employment contract by simultaneously operating his own wealth management company while being employed by the PSX.

Archer Wealth Management, a Montreal-based firm that identifies itself as ‘independent financial advisers’ had Morin as the CEO of the company and chairman of its board.

Responding to the PSX Board, Morin maintained that there was no wrongdoing and he had declared his interest in Archer Wealth Management at the time of taking up his position at the PSX.

Morin joined the PSX as the first-ever non-Pakistani chief executive officer of the market in January 2018 during PML-N’s tenure.

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