The chief executive officer of Pakistan Stock Exchange (PSX) Richard Morin was removed from his post by the board of directors due to his "unsatisfactory" performance, sources said. The PSX board of directors took this decision in its meeting held here on Tuesday and ousted Richard Morin by a majority vote. A source told Business Recorder that the matter of PSX chief executive was discussed at the board of directors' meeting. "Richard Morin was ousted by a majority 8-6 vote against him," sources said. The board of directors expressed its dissatisfaction over the performance of PSX chief executive officer. The board also raised objection on his "business in Canada" or elsewhere and his "mis-declaration" about his business.
"The PSX board had information that Richard Morin had simultaneously been serving in Archer Wealth Management Inc Canada as its chairman and chief compliance officer," sources claimed, adding that PSX rules and regulations suggest that if a high official is found to be in conflict of interest and does not meet the 'fit and proper' criteria for the high position, then he should be removed with immediate effect.
"The PSX board of directors decided to remove Richard Morin from the post of PSX chief executive for being incompetent by failing to introduce any new product," another source told Business Recorder. He said the PSX board of directors felt that Richard Morin had "wasted" millions in the name of cycling event from Clifton to PSX, organising picnics and overnight stays twice at a luxury hotel for seniors. PSX was paying 1/2 million a month rent to Sind Club. He was "throwing" PSX money for non-related items.
The source also said that Richard Morin was demanding Rs 20 million to leave. The PSX board of directors had issued a show-cause notice last month questioning him about his second job at a Canadian firm. The PSX board had also issued him two explanation letters. Richard Morin had submitted his replies but the PSX board was not satisfied with his replies.
Richard Morin, a Canadian national professional had joined the PSX as Chief Executive Officer in January 2018 for a period of three years. He was the first foreign national chief executive officer of Pakistan Stock Exchange.
Meanwhile, PSX issued a notification saying that Richard Morin has tendered his resignation from the position of Chief Executive Officer of Pakistan Stock Exchange, which was accepted by the Board of Directors of the Company with immediate effect, at its meeting held on Tuesday.