Pakistan Stock Exchange CEO Richard Morin resigns

F.P. Report

KARACHI: Pakistan Stock Exchange (PSX) managing director and chief executive officer (CEO) Richard Morin has resigned from his post on Tuesday.

After a meeting of the PSX Board of Directors today, the PSX CEO submitted his resignation. Subsequently, it was approved by the board.

He was issued a show-cause notice over a conflict of interest.

Morin, the first-ever non-Pakistani CEO of the PSX, had taken charge in January 2018 during Pakistan Muslim League-Nawaz s tenure.

Profile

Morin completed his Bachelors in Economics in 1982 from the University of Montreal and Masters in Business Administration from the McGill University in 1988. He also passed “Canadian Securities Course” in 1984 and “Partners, Directors and Officers Examination” in 2000 from Canadian Securities Institute.

He also served as a lecturer at Université de Sherbrooke, from August 2015 to December 2017, where he taught capital market structure as part of “Graduate Finance Programme”.

During his term at the Montreal Exchange from 1984 to 1995, he held various key positions such as vice-president operations – derivative products, director market quality, and director market development and a listing officer.

From 1996 to 1998, he also headed the Stock Exchange of Mauritius. For over a year, from 1998 to 1999 he was appointed as the chief of mission of Regional Stock Exchange of West Africa to devise a strategic plan and advise the stock exchange on issues related to market development, operations, regulation and risk management. He was also responsible for ensuring the transfer of Canadian expertise in the development and management of capital markets in the region and co-ordinate the activities of other experts involved in the project.

From 1999 to 2001, he served as the vice-president of National Bank Securities, the mutual funds and discount brokerage subsidiary of the National Bank of Canada, where he managed client assets of $5 billion.

In 2002, he co-founded Landry Morin Inc, a Montreal-based portfolio management firm, provides services to launch private client business; set up a quantitative portfolio management operation; launch mutual fund family and gain distribution of mutual funds family through Fundserv with all main Canadian brokerage firms.