ASX parts company with Funke Kupper

The ASX Board in Sydney has accepted the resignation of Elmer Funke Kupper as managing director and chief executive officer of ASX Limited with immediate effect. ASX chairman, Rick Holliday-Smith, will act as executive chairman while a search is conducted for a full-time replacement for Kupper.

Holliday-Smith made unusually sympathetic sounds when addressing the resignation formally for the press, saying the board accepted that Kupper wanted to direct his full focus to the Tabcorp matter and not be distracted from his duties leading the ASX.

The Tabcorp matter is the police investigation into alleged bribery involving Tabcorp, a gaming company, in Cambodia. Kupper will be paid in lieu of the notice period in his contract.