The Australian Securities Exchange (ASX) has announced that Elmer Funke Kupper has resigned from his position as managing director and chief executive officer of its organisation.
In its announcement, the ASX said Kupper's positions have been terminated effective immediately, with the board deciding that Rick Holliday-Smith will perform the new role of CEO, whilst the exchange searches both locally and abroad for a new managing director and chief.
"We have an experienced senior executive team who will work with me to manage the business while we search for a new CEO," Holliday-Smith said.
"The ASX board accepted that Elmer wanted to direct his full focus to the investigations which may be made into the Tabcorp matter -- and not have them interfere with the important role of leading the ASX."
Holliday-Smith said that the former CEO is leaving behind a strong team, and a core franchise.
"Elmer has demonstrated leadership and energy during his time at ASX," he said. "He hands over a stronger team and a core franchise well positioned for future opportunities."
"His legacy is a globally competitive, more externally focused company, which is committed to innovation and investment in the customer services and infrastructure that are at the heart of Australia's financial marketplace."