ASX, the operator of the Australian Stock Exchange, has announced that its CEO Elmer Funke Kupper has resigned with immediate effect.
“The Board has decided that ASX Chairman, Rick Holliday Smith, will perform the role of executive chairman while a national and international executive search is conducted for the new ASX managing director and CEO,” the company said in a statement.
The resignation stems from an ongoing investigation into dealings by Tabcorp, an Australian bookmaker that is accused of having paid an alleged bribe to win business in Cambodia.
On its website, Tabcorp says:
- Tabcorp’s three businesses of Wagering and Media, Gaming Services and Keno employ more than 3,000 people
- Tabcorp has more than 120,000 shareholders and has a market capitalisation within the top 100 Australian companies listed on the Australian Securities Exchange.
- In the 12 months to 30 June 2015, the company generated revenue of $2,155.5 million from its three businesses
Elmer Funke Kupper was MD and CEO for Tabcorp from September 2007-June 2011; and is listed as a non-executive director.
on 21 March, Tabcorp issued a statement that: “Tabcorp has announced today that it has accepted Mr Elmer Funke Kupper’s request to be granted a leave of absence from the Board of Directors until the completion of the investigation by the Australian Federal Police into Tabcorp’s activities in relation to a business opportunity in Cambodia in 2009/2010.”
“The Company appreciates Mr Funke Kupper’s request which is in accordance with the highest professional and governance standards.”