ASX CEO resigns amid bribery debacle
21 March 2016 Sydney
Image: Shutterstock
CEO and managing director of the Australian Securities Exchange (ASX) Elmer Funke Kupper has resigned in order to focus on a bribery investigation in to his previous firm, Tabcorp.
Funke Kupper has held the position since October 2011. Rick Holliday-Smith, currently ASX chair, will take over the role of executive chairman until a new managing director and CEO can be found.
Funke Kupper was CEO of gaming firm Tabcorp when it allegedly made an AUD 200,000 payment to the family of the Cambodian Prime Minister in 2010, when Tabcorp was seeking to obtain a licence to expand in to the country.
The transaction is now being investigated by Australian anti-bribary agencies.
Holliday-Smith said: “The ASX board accepted that Elmer Funke Kupper 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.”
He added: “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.”
Funke Kupper has held the position since October 2011. Rick Holliday-Smith, currently ASX chair, will take over the role of executive chairman until a new managing director and CEO can be found.
Funke Kupper was CEO of gaming firm Tabcorp when it allegedly made an AUD 200,000 payment to the family of the Cambodian Prime Minister in 2010, when Tabcorp was seeking to obtain a licence to expand in to the country.
The transaction is now being investigated by Australian anti-bribary agencies.
Holliday-Smith said: “The ASX board accepted that Elmer Funke Kupper 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.”
He added: “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.”
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