AMP appoints new chairman

AMP has hired former Commonwealth Bank head David Murray as its new board chairman.

Thursday, June 21st 2018, 10:40AM

Its chair and several board members resigned in the wake of revelations of poor conduct brought to light by Australia's Royal Commission.

Mike Wilkins, AMP’s interim executive chairman, will return to the role of acting chief executive.

Wilkins will remain in this position until the transition to a new CEO at which time he will return to his role as a non-executive director of the board.

Murray said: “I am pleased to today begin the task of rebuilding AMP as chairman, working with the board and management to restore trust in the company.

“AMP plays an important role in the Australian financial system, serving more than 3.8 million customers with products and services that are vital to the functioning of our economy. Our business has undoubtedly been challenged by recent events but the board will set the tone from the top as we drive change across the business.

“My immediate focus will be on renewing the board and strengthening our governance framework. Remediation of customers and rebuilding relationships with regulators will also be priorities.

“On behalf of the board, I would like to thank Mike Wilkins for his leadership and his commitment to the company in stepping in as executive chairman over the past two months. I’m looking forward to working with Mike as we take up the challenge of reinvigorating AMP."

Tags: AMP