Pakistan has its first non-Pakistani Chief Executive officer, Richard Morin who will be leading the affairs of Pakistan Stock Exchange, PSX. This news broke into the market on Thursday by PSX.
The news has also sparked some reservations on part of brokers and employees as the new incumbent will be approved hefty amounts of perks and indeed handsome salary. PSX has the majority of Chinese as shareholder and nominee of SECP and they managed to overcome the growing sentiment of brokers against First Non-Pakistani CEO of PSX.
The laws demand the office of the incumbent to acquire forty percent stake and also listing in PSX, which Richard Morin duly fulfilled before taking charge on Thursday.
Morin has vast experience of working in key financial institutions and markets, he also has been involved in devising regulation for securities market and as an established investment advisor. His span of experience spreads over 30 productive years.
The First Non-Pakistani CEO of PSX has acquired his bachelor degree from the University of Montreal in Economics and later MBA from McGill University in 1988.
At Université de Sherbrooke he taught capital market structure and from 1984-95, he served in key positions related to products, quality, market development and listing officer. He also has served stock exchange of Mauritius and appointed to design a strategy for the stock exchange of West Africa.
Serving as Vice-president of National bank securities of Canada he was managing assets worth of $5billion. Also, he co-founded company for investment advice to clients. Form 2013-15 he was MD of investment industry association of Canada to serve association’s advocacy. Later in 2015, he headed his incorporation known as Archer Wealth Management for Wealth management services.