Pakistan Stock Exchange, CEO, Richard Morin, resigns

Pakistan Stock Exchange CEO Richard Morin resigns

Story by Reuters

Pakistan Stock Exchange has said its Chief Executive Richard Morin has resigned from his position, without elaborating on the reasons behind his departure.

Morin was the first ever non-Pakistani to lead the bourse after being appointed chief executive in January 2018, soon after a consortium led by three Chinese exchanges bought a controlling 40% stake in the exchange.

“Mr Richard Morin has tendered his resignation from the position of Chief Executive Officer of Pakistan Stock Exchange,” the bourse said in a statement.

The exchange’s board members held a meeting earlier on Tuesday and accepted his resignation, it added.

Pakistan has been looking to modernise its equities exchange in recent years to attract more foreign investors, as local equities have been lagging over the past 18 months due to political uncertainty and an economic crisis that has seen the country seek another International Monetary Fund bailout.

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