ASX has just announced that its Board has accepted the resignation of Mr Elmer Funke Kupper as Managing Director and CEO of ASX Limited, effective immediately.
The move is related to the ongoing investigations into the activities of Australia’s gambling and entertainment company Tabcorp in Kenya in 2009/2010. Mr Funke Kupper sits on Tabcorp’s Board of Directors.
Today, Tabcorp said it has accepted Mr Funke Kupper’s request for a leave of absence from the Board of Directors until the completion of the investigation by the Australian Federal Police into Tabcorp’s activities.
Mr Funke Kupper has been ASX Managing Director and CEO since 6 October 2011.
ASX Chairman, Mr Rick Holliday-Smith, will perform the role of Executive Chairman while a a search is conducted for the new ASX Managing Director and CEO.
ASX Chairman, Mr Rick Holliday-Smith, said,
“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.”
You can view the official announcement from ASX by clicking here.