Pakistan Stock Exchange today announced that Richard Morin has been appointed as Chief Executive Officer (CEO) of PSX. The appointment was made after necessary approvals from the Securities and Exchange Commission of Pakistan.
Morin’s monthly salary was said to be around Rs. 3 million, and would be provided residential allowance, special perks and international travelling expenditures said some brokers and members.
Mr. Morin has vast years of experience in financial markets in Canada and abroad. He received a B.Sc. degree in Economics from the University of Montreal in 1982 and an M.B.A. degree from McGill University in 1988.
He had served at Canadian stock markets and the Stock Exchange of Mauritius. Morin has also worked at several brokerage houses and asset management companies.
Mr. Richard will assume his charge from today onwards, in place of Mr. Haroon Askari who was the acting CEO until Mr. Morin’s appointment.
The appointment was a very big controversy as some local opposition claimed the perks and benefits for the foreign hired CEO to be too much.
This is the first ever appointment of a non-Pakistani as Managing Director.
Though the opposition members are still not in favor, as they suggested that as he is an outsider, he will not be managing things according to “our national culture and particularly, the stock market culture”. This may prove to be a drawback in his management style, added the opposition members.