KARACHI: Pakistan Stock Exchange’s (PSX) chief executive officer Richard Morin resigned on Tuesday from his post after developing differences with the board of directors (BoD).According to a notification issued by the PSX, an emergency meeting of the PSX’s BoD was held during which Morin submitted his resignation, which was approved by the board.In a meeting of BoD on May 20, Morin was served a show-cause notice over his allegedbreach of employment contract by simultaneously operating his own wealth management company. Archer Wealth Management, a Montreal-based firm with identity as “independent financial advisers” had Morin as its chief executive and the chairman of the board.Responding to PSX’s notice, Morin maintained he had done nothing wrong as he had declared his interest in Archer Wealth Management at the time of his appointment as the CEO of PSX. Morin had joined the PSX as its first-ever non-Pakistani chief executive in January 2018 during the Pakistan Muslim League-Nawaz (PML-N) government.Morin did bachelors degree in economics in 1982 from University of Montreal and masters in business administration in 1988 from McGill University. He also passed Canadian Securities Course in 1984 and Partners, Directors and Officers Examination in 2000 from Canadian Securities Institute. He recently passed Chief Compliance Officer examination.He also served as a lecturer at Universite de Sherbrooke where he taught capital market structure as part of Graduate Finance Programme. Besides those, he worked on different top positions in capital market.
05-30-2019, 08:30 AM
PSX CEO Morin steps down over differences with board
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