ASX CEO Elmer Funke Kupper Resigns Amid Investigation
- Amid investigations related to prior role with Tabcorp, ASX CEO resigns.
The Australian Securities Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ASX) today announced that its managing director and CEO Elmer Funke Kupper, who has been with the company since 2011, has resigned effective immediately, following acceptance by the ASX board of his resignation.
ASX Chairman, Rick Holliday-Smith, will take over the vacant position of CEO in the interim while the company looks for a new one, also approved by the ASX Board. He commented in the press release: “We have an experienced senior executive team who will work with me to manage the business while we search for a new CEO."
Related to Prior Involvement
Before joining ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term as CEO, Mr. Kupper was CEO of Tabcorp. Tabcorp may be under investigation now according to coverage by Reuters that quoted an emailed statement received from the Australian Federal Police (AFP) that noted that it is investigating "allegations of foreign bribery relating to an Australian company, Tabcorp."
Mr. Holliday-Smith added: “The ASX Board accepted that Elmer wanted to direct his full focus to the investigations which may be made into the Tabcorp matter - and not have them interfere with the important role of leading the ASX. The Board has also decided that Elmer will be paid in lieu of the notice period in his contract, 2016 pro-rata STI, and the 2014 and 2015 deferred STI on 1 July 2016 and 1 July 2017 respectively."
“Elmer has demonstrated leadership and energy during his time at ASX. He hands over a stronger team and a core franchise well positioned for future opportunities. His legacy is a globally competitive, more externally focused company, which is committed to innovation and investment in the customer services and infrastructure that are at the heart of Australia’s financial marketplace,” Mr. Holliday-Smith concluded.
The Australian Securities Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ASX) today announced that its managing director and CEO Elmer Funke Kupper, who has been with the company since 2011, has resigned effective immediately, following acceptance by the ASX board of his resignation.
ASX Chairman, Rick Holliday-Smith, will take over the vacant position of CEO in the interim while the company looks for a new one, also approved by the ASX Board. He commented in the press release: “We have an experienced senior executive team who will work with me to manage the business while we search for a new CEO."
Related to Prior Involvement
Before joining ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term as CEO, Mr. Kupper was CEO of Tabcorp. Tabcorp may be under investigation now according to coverage by Reuters that quoted an emailed statement received from the Australian Federal Police (AFP) that noted that it is investigating "allegations of foreign bribery relating to an Australian company, Tabcorp."
Mr. Holliday-Smith added: “The ASX Board accepted that Elmer wanted to direct his full focus to the investigations which may be made into the Tabcorp matter - and not have them interfere with the important role of leading the ASX. The Board has also decided that Elmer will be paid in lieu of the notice period in his contract, 2016 pro-rata STI, and the 2014 and 2015 deferred STI on 1 July 2016 and 1 July 2017 respectively."
“Elmer has demonstrated leadership and energy during his time at ASX. He hands over a stronger team and a core franchise well positioned for future opportunities. His legacy is a globally competitive, more externally focused company, which is committed to innovation and investment in the customer services and infrastructure that are at the heart of Australia’s financial marketplace,” Mr. Holliday-Smith concluded.