Pakistan Stock Exchange CEO Richard Morin resigned on Tuesday.
The board of directors has accepted his resignation too.
He was appointed to the post in January 2018. Morin was the first-ever non-Pakistani to serve on the post. He was serving as the chairperson of listing and voluntary de-listing committee, and was as a member of IT & IS Steering Committee and IT Procurement Committee too.
At PSX, besides being the Managing Director, Mr. Morin is also serving as the Chairman of Listing and Voluntary De-Listing Committee and as the member of IT & IS Steering Committee and IT Procurement Committee.
Six members of the board raised their reservations over his appointment. They said that he was appointed for three years and he made many promises but failed to fulfill them. According to them, Morin had promised to bring in foreign investors but he didn’t meet the set targets because of which the stock exchange faced a lot of difficulties.
Morin has over 30 years of experience in capital markets and financial services in emerging markets and in Canada, according to the Pakistan Stock Exchange website. He started his career at the Montreal Exchange where he held various positions of increasing responsibility in equities and derivatives.
He earned a Bachelor’s degree in Economics from the University of Montreal and an MBA from McGill University.