No Boss No Problem For ASX

By Glenn Dyer | More Articles by Glenn Dyer

While the ASX Ltd has stepped up efforts to find a new CEO to replace Elmer Funke Kuper who quit last month, the country’s major stockmarket operator found not having a boss any bar to maintaining its high level of profits.

The ASX said yesterday it its brief nine-month results statement, that the search for a new CEO was “progressing at accelerated pace”. Chairman Rick Holliday-Smith is overseeing the business, with day-to-day operations managed by two senior executives, Peter Hiom and Amanda Harkness.

Elmer Funke Kupper resigned as chief executive of the ASX 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 had been CEO of the gambling giant. He was on Tabcorp’s board up until March. The ASX reported a 6.2% rise in statutory profit after tax to $317.4 million for the nine months to March 31, with underlying profit after tax up 5.9%.

Revenue was up 7% to $552.8 million over the nine-month period.

Mr Holliday-Smith said the group was "well positioned for future opportunities".

ASX’s technology upgrade was progressing, with “measures taken to de-risk the transition to a new trading platform”, it said in yesterday’s statement.

The new trading platform is on track to go live between July and November 2016 for futures, with equities to follow in 2017. That’s later than previously planned.

ASX shares rose 2.7% yesterday to end at $42.70.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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