Morin tendered his resignation after the board of directors issued a show-cause notice for breaching the employment contract by having another job.
A notification of his resignation was shared on the psx website.
According to the notification, his resignation has been accepted by the board of directors with immediate effect on Tuesday.
He was asked to explain his involvement as the board chairman of a foreign wealth management company.
He had submitted the reply on time. However, the board was not satisfied with his replies.
Richard Morin had failed to explain his involvement as the board chairman of a foreign wealth management company.