Pakistan Stock Exchange's first foreign CEO resigns over differences with board members

Pakistan Stock Exchange (PSX) Chief Executive Officer Richard Morin, the first foreigner to head the country's main bourse, resigned Tuesday after he was served a notice for allegedly running his own wealth management company in Canada.

Morin's resignation comes at a time when the stock exchange is under pressure because of the weakening Pakistani currency against the US dollars and decrease in foreign direct investments after the USD 6 billion bailout package signed by the government with the IMF which carries some tough conditions for the Pakistan economy.

A notification of Morin's resignation was shared on the PSX website. Morin, a Canadian national, was the first non-Pakistani CEO of PSX and had joined in January 2018 during PML-N's tenure.

An emergency meeting of the PSX Board of Directors (BoD) was held on Tuesday during which Morin submitted his resignation. It was approved immediately by the board, according to media reports.

As per speculation, Morin had developed differences