ASX CEO Elmer Funke Kupper Resigns Amid Investigation

Amid investigations related to prior role with Tabcorp, ASX CEO resigns.

The Australian Securities Exchange (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.”

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Related to Prior Involvement

Before joining ASIC 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.”

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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.

 

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