Elmer Funke Kupper is gone from the ASX

He’s jumping ship. Photo: Handout/ Volvo Ocean Race/ Getty Images.

Elmer Funke Kupper has resigned as CEO of ASX Limited.

The resignation is effective immediately and is linked to a police investigation into allegations of bribery at Tabcorp where Funke Kupper was the CEO.

He has been chief executive at the ASX since October 2011.

ASX chairman Rick Holliday-Smith will become Executive Chairman while a national and international executive search is conducted for a new CEO.

Elmer Funke Kupper. Brendon Thorne/Getty Images

“We have an experienced senior executive team who will work with me to manage the business while we search for a new CEO,” says ASX Holliday-Smith.

Funke Kupper is a director and a former CEO of gaming company Tabcorp which is being investigated by over allegations of foreign bribery.

The allegations surround a payment made in Cambodia in 2009, when Funke Kupper was still CEO.

Funke Kupper told Fairfax Media earlier this month that he could not recall the payment

“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,” says Holliday-Smith.

“Elmer has demonstrated leadership and energy during his time at ASX. He hands over a stronger team and a core franchise well positioned for future opportunities.”

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