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Category: Stockmarket / Fraud and Corporate Crime

Search to replace ASX chief to take months

Thursday, 14 Apr 2016 16:47:12 | Peter Ryan

Elme Funke Kupper resigned last month amid bribery allegations. (AAP: Paul Miller)

The executive search to replace Elmer Funke Kupper as chief executive of ASX Limited is expected to take three to nine months.

The board of the ASX, chaired by Rick Holliday-Smith, has been interviewing executive headhunters since Mr Funke Kupper's sudden resignation three weeks ago, with an agency due to be appointed within days.

Mr Funke Kupper's exit last month, in the face of bribery allegations while he was Tabcorp chief executive, is understood to have derailed the succession planning which the ASX board had in place.

The ASX board is looking to restore stability to the stock exchange operator and the successful headhunter selected will be asked to find a chief executive mirroring Mr Funke Kupper's "superhuman" qualities.

Mr Holliday-Smith is known to favour a local candidate as Mr Funke Kupper's successor, given the focus on government and regulatory issues and little time for a learning curve.

Mr Funke Kupper was appointed as ASX chief executive in 2011 after a global search by headhunter Russell Reynolds.

He announced his resignation as ASX boss on March 21 after the Australian Federal Police launched an investigation into a $200,000 payment Tabcorp made to the family of Cambodian Prime Minister Hun Sen.

At the time, Mr Holliday-Smith signalled Mr Funke Kupper left to avoid damaging the reputation of ASX Limited.

"The ASX Board accepted that Elmer wanted to direct his full focus to the investigations which may be made into the Tabcorp matter — and not have them interfere with the important role of leading the ASX," Mr Holliday-Smith said in statement to the stock exchange.

Despite an ongoing AFP investigation, Mr Funke Kupper received the unusual support of ASIC chairman Greg Medraft, who described the resignation as "unfortunate" and "a sad loss".

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