Muhammad Rafiq Umer, current Company Secretary and Head of Legal Affairs, has been given additional charge of acting Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX) with effect from June 12, 2019. The decision was taken on the recommendation of the PSX board of directors and with due concurrence of the Securities and Exchange Commission of Pakistan (SECP), a notice issued by PSX said Wednesday.
Muhammad Rafiq Umer has been given additional charge of this post after removal of former CEO of PSX Richard Morin. According to sources, Richard Morin was removed from his office by the PSX board of directors on May 28, 2019 due to unsatisfactory performance. Richard Morin, a Canadian national professional had joined the PSX as the 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.
Sources said that PSX has started procedure of appointment of a permanent CEO as per rules and regulations. Muhammad Rafiq Umer has been associated with PSX wince 2001. He is a graduate in Commerce and Law from University of Karachi. He has local and foreign experience of more than four decades in the field of finance, banking and capital markets. Prior to joining PSX, he remained with United Bank Limited, Saudi French Bank (Saudi Arabia) and Atlas Group of Companies.