ISLAMABAD, May 28 (Xinhua) -- Richard Morin, Chief Executive Officer at the Pakistan Stock Exchange (PSX) tendered resignation on Tuesday owing to conflict of interest.
The announcement was made in a notice published at the website of PSX. The notice stated that Morin's resignation was accepted by the Board of Directors with an immediate effect.
Morin joined the PSX as CEO in January last year for a three-year period.
Besides being the Managing Director, Morin also served as the Chairman of Listing and Voluntary De-Listing Committee and as a member of IT & IS Steering Committee and IT Procurement Committee.
He also led exchange and brokerage organizations in Canada as well as in the emerging markets, besides launching a couple of investment and wealth management firms.
Morin came into the limelight last month when the PSX Board of Directors issued him a show-cause notice, thereby giving him a 15-day deadline to explain his position on serving a Canadian company simultaneously heading the PSX.
The Archer Wealth Management, based at Montreal, has listed Morin as CEO of the company and chairman of its Board.
In his response to the PSX show-cause notice, Morin testified that there was nothing wrong in his association with the independent financial advisor company as he had already declared his interest in the company at the time of taking up the position at the PSX.
The PSX rules and regulations state that if an official is found to be in a conflict of interest and does not meet the criteria for the strategic position, then he stands no right to keep it.
Morin was the first-ever non-Pakistani Chief Executive Officer at PSX.
