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AMP veterans go in restructure

AMP Financial Services has cleared out its senior management team with a number decamping to Tower.

Wednesday, June 11th 2008, 5:28AM

by David Chaplin

Simon Manning, AMP Financial Services (AMPFS) head of distribution operations, has resigned - the latest in a string of executive departures at the group since Jack Regan assumed control in September last year.

Manning, who had been with AMP for 22 years, followed other company veterans Roger Perry, Alistair Smith and Ian Miller who have left the firm after a Regan-inspired restructure in February this year.

Late last year Felicity Nelson, then head of AMPFS HR. also left the role with Brent Sincock replacing her.

According to Jane Anderson, AMPFS head of public affairs, the management restructure was announced internally in January.

Anderson said the new top management structure was intended to better reflect the needs of the changing New Zealand market, including the introduction of KiwiSaver.

Under Regan's redesign the product and marketing roles were merged into one resulting in the departure of Perry, formerly head of savings and investments, with Allan Hopson assuming the new position.

As well the finance/legal job was split into two with the incumbent, Alistair Smith, deciding to move on. In his place Therese Singleton was appointed executive legal counsel and Simon Pennington took on the role of chief financial officer.

Ian Miller, who was AMPFS head of workplace savings, also left the group in the wake of the restructure and was replaced by Jody Gill. It is understood both Perry and Miller have started working for Tower.

Manning's job was also changed leaving him a "role he didn't want", Anderson said. Jeff Ruscoe has been named as Manning's successor.

Regan also created a new role - head of managing director's office - which was filled by Robyn Elston.

According to Anderson, all the new appointees were AMPFS internal candidates.

She said no further executive changes are expected.

"The restructure of the senior leadership team has finished," Anderson said. "It's been going on for a long time and there has been a very smooth transition."

Regan, formerly head of the AMP Australia advisory group Hillross, joined AMPFS in February last year as deputy managing director, replacing Greg Camm in the top job later in 2007.

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AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
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BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
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CFML Loans 5.50 - - -
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China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
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HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
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Kiwibank - Offset 3.40 - - -
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Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
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