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New chief appointed for ASX

New chief appointed for ASX

(29 August 2011 – Australia) The Australian Securities Exchange (ASX) has appointed its new chief executive, former Tabcorp and ANZ executive Elmer Funke Kuppe. The naming of Mr Funke Kupper as chief executive of the key equities and futures exchange surprised many investors. However, Mr Funke-Kupper's experience in dealing with regulators, particularly at gaming group Tabcorp, makes him suitable for the role.

Many had tipped that the Australian Securities Exchange would look overseas to replace long-serving boss Robert Elstone. Deputy ASX chief executive Peter Hiom was also regarded as a key contender.

Through roles at Tabcorp and ANZ, Mr Funke Kupper has extensive experience with financial services technology as well as managing highly regulated industries. This suggests his appointment is regarded as critical to steering ASX through increased regulation as well as new competitive threats.

Mr Funke Kupper will be on a fixed salary of A$1.75 million a year, but his annual package could reach A$4 million when bonus payments are included. He is scheduled to start on October 6.
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