Pakistan Stock Exchange (PSX) chief executive officer Richard Morin on Tuesday resigned from his post.
A notification of his resignation was shared on the PSX website.
According to DawnNewsTV, an emergency meeting of the PSX Board of Directors (BoD) was held today during which Morin submitted his resignation. It was approved by the board.
Morin had developed differences with the board, as per DawnNewsTV, and the PSX board of directors had written a letter to the Securities and Exchange Commission of Pakistan regarding the CEO, alleging that while he was the CEO in Pakistan, he was running a company abroad.
During a meeting of the BoD on May 20, Morin had given a hearing on the show-cause notice served to him for alleged breach of employment contract by simultaneously operating his own wealth management company while being employed by the PSX.
Archer Wealth Management, a Montreal-based firm that identifies itself as ‘independent financial advisers’ had Morin as the CEO of the company and chairman of its board.
Responding to the PSX Board, Morin maintained that there was no wrongdoing and he had declared his interest in Archer Wealth Management at the time of taking up his position at the PSX.
Morin joined the PSX as the first-ever non-Pakistani chief executive officer of the market in January 2018 during PML-N's tenure.
Morin earned Bachelors in Economics in 1982 from University of Montreal and Masters in Business Administration in 1988 from McGill University. He also passed "Canadian Securities Course" in 1984 and "Partners, Directors and Officers Examination" in 2000 from Canadian Securities Institute. Recently, he has also passed "Chief Compliance Officer Examination".
He also served as a lecturer at Université de Sherbrooke where he taught capital market structure as part of "Graduate Finance Programme".
During his term at the Montreal Exchange from 1984 to 1995, he held various key positions such as vice-president operations - derivative products, director market quality, director market development and as a listing officer.
For two years, he also headed the Stock Exchange of Mauritius. For over a year, from 1998 to 1999 he was appointed as the chief of mission of Regional Stock Exchange of West Africa to devise a strategic plan.
From 1999 to 2001 Morin served as Vice-president of National Bank Securities, the mutual funds and discount brokerage subsidiary of the National Bank of Canada, where he managed client assets of $5 billion. In 2002, he co-founded Landry Morin inc offering investment management services to private and institutional clients.
He was also appointed as the managing director of Investment Industry Association of Canada (IIAC) from 2013 to 2015 where he led the investment industry's advocacy and lobby efforts in the areas of listed and OTC derivatives and online brokerage. In 2015, he established Archer Wealth Management inc and served as a CEO and CCO offering wealth management services to private clients.