May 25, 2016 – Australian Securities Exchange, or ASX Limited, has selected Korn Ferry to find its next chief executive officer.
The search is expected to be global and to take between three to nine months to complete. The successful candidate is “highly likely” to be Australian, according to ASX spokesman Matthew Gibbs.
“Someone’s got to understand the nuances and the relationships with the regulators, which is really important, and they’ve got to understand how the Australian marketplace works,” ASX chairman Rick Holliday-Smith told The Australian Financial Review. “All of those things would probably suggest it’s highly likely to be an Australian candidate but that doesn’t mean that there isn’t an international candidate that has got all that relevant experience,” he added.
Past CEO Elmer Funke Kupper resigned unexpectedly in March after almost four-and-a-half years at the helm. His departure came as Australian Federal Police revealed they were investigating his previous employer, Tabcorp, amid allegations the gaming business was involved in foreign bribery in Cambodia. Mr. Funke Kupper is a former CEO of the gambling giant and sat on Tabcorp’s board up until March. ASX used Russell Reynolds Associates to recruit Mr. Funke Kupper.
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“The future CEO of the ASX would possibly include someone with a strong track record in financial services and technology. For example, the Commonwealth Bank’s Kelly Bayer Rosmarin is a very high-credentialed senior individual with strong fin-tech experience,” said George Boubouras, chief investment officer of Contango Asset Management, which holds the ASX in its dividend income portfolio.
ASX operates Australia’s primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as the Sydney Stock Exchange). It was formed in 1987, through incorporation under legislation of the Australian Parliament as an amalgamation of the six state securities exchanges, and merged with the Sydney Futures Exchange in 2006.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media