Pakistan Stock Exchange (PSX) Chief Executive Officer Richard Morin has stepped down from the post and his resignation has been accepted by the board of directors with immediate effect on Tuesday, according to a notification.
PSX CEO Richard Morin tendered his resignation after the board of directors issued a show-cause notice questioning him whether he was doing two jobs; second at a Canadian firm late last month. He had submitted the reply on time; at the outset of the current month of May.
Earlier, the board had issued him two explanation letters. The board was not satisfied with his replies.
“We would like to inform you that Richard Morin has tendered his resignation from the position of Chief Executive Officer of Pakistan Stock Exchange Limited (the Company), which was accepted by the Board of Directors of the Company with immediate effect, at its meeting held today (Tuesday),” Company Secretary Muhammad Rafique Umer said in a notification.
Morin had joined the PSX as CEO/managing director in January 2018 for three years following PSX’s demutualization and corporatization, which happened about a year earlier.
Available information suggested that the CEO had simultaneously been serving in Archer Wealth Management Inc Canada as its chairman and chief compliance officer, a board of director said.
“PSX rules and regulations suggest that if a high official is found to be in conflict of interest and does not meet the ‘fit and proper’ criteria for the high position, then he should be removed with immediate effect,” a director on PSX board said.
He added that the board had earlier issued Morin two explanation letters. In response to both, Morin submitted an answer but the board remained unsatisfied with his “incomplete replies”.