ASX Limited (ASX) announces that Mr Elmer Funke Kupper is to be appointed as its next Managing Director and CEO.
Mr Funke Kupper is expected to start with ASX on 6 October 2011. A summary of his key terms of employment is attached.
ASX's Chairman, David Gonski AC, welcomed Mr Funke Kupper to ASX and said: "The ASX Board is delighted with Elmer's appointment and believes he is the right candidate to lead ASX into a new era. Elmer has enormous experience as a CEO of a major Australian listed company, and extensive involvement in the financial services industry as well as in industries that are highly regulated with important and diverse stakeholders. We also believe he has the personal qualities and vision to ensure that ASX continues to embrace and benefit from the dynamic developments occurring in financial markets, both in Australia and overseas."
Mr Funke Kupper said: "I am delighted to join the ASX team. I will inherit a business that is in good shape and has been performing well. The company is now facing significant and complex changes to the regulatory and competitive environment. It has put itself in a good position to compete effectively and continue to grow."
On behalf of the Board, Mr Gonski congratulated and thanked Mr Robert Elstone for his successful tenure as an exchange Managing Director and CEO over 11 years - five years at ASX since the merger with SFE Corporation (SFE) in July 2006 and six years at SFE before that.
"Robert has been an outstanding steward of ASX. During a period of substantial change in global markets, Robert's financial and operational skills, coupled with his judgment and personal discipline were critical to ensuring ASX's strong day-to-day performance.
"Robert hands over a company in robust shape and ready to continue to play an integral role in the Australian economy. We thank him for his leadership and wish him the very best for the future."