ASX's Funke Kupper quits as exchange chief amid Tabcorp inquiry

[SYDNEY] ASX Ltd Managing Director Elmer Funke Kupper resigned after 4 1/2 years at the helm.

Chairman Rick Holliday-Smith will act as executive chairman while the company searches for Mr Funke Kupper's replacement, the stock exchange operator said in a statement Monday.

Mr Funke Kupper told the board he was stepping down to focus on any potential probe at Tabcorp Holdings Ltd, which he led between 2007 and 2011, according to the statement.

Tabcorp said last week that police had started an investigation into the company's exploration of a business opportunity in Cambodia in 2009.

"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," Mr Holliday-Smith said in the statement.

BLOOMBERG