ASX Names New Chief

Terry Flanagan

The exchange operator has named a new chief executive to replace the outgoing Elstone.

The Australian Securities Exchange announced on Aug. 26 that it had tapped Elmer Funke Kupper as new chief executive officer to replace the outgoing Robert Elstone.

“The ASX Board is delighted with Elmer’s appointment and believes he is the right candidate to lead ASX into a new era,” said ASX chairman David Gonski in the release. “Elmer has enormous experience as a CEO of a major Australian listed company, and extensive involvement in the financial services industry as well as in industries that are highly regulated with important and diverse stakeholders. We also believe he has the personal qualities and vision to ensure that ASX continues to embrace and benefit from the dynamic developments occurring in financial markets, both in Australia and overseas.”

The appointment will take effect Oct. 6.

The new appointment comes as Chi-X prepares to launch in Australia, ending a two-decade monopoly for ASX. The Australian regulatory authorities granted Chi-X a market license in May. The trading platform is expected to go live by the end of the year.

Prior to joining the ASX, Funke Kupper had served as managing director and CEO of Tabcorp Holdings, a position he had held since July 2007. He will stay on with Tabcorp, a casino operator, as a director, to the extent that it does not conflict with the interests of the ASX or compromise his ability to serve as its CEO. Funke Kupper has also held senior positions with Australia and New Zealand Banking Group as well as Mckinsey & Co.

Outgoing CEO Robert Elstone will step down from the post in October after five years at the helm of the exchange. The decision was announced late last year when Elstone said he wouldn’t be seeking a contract extension. His plans going forward were not disclosed.

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