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AMP continues ‘board renewal’ with new appointment

AMP continues ‘board renewal’ with new appointment

The financial services provider has announced the appointment of a new non-executive director to its board, as it continues to “rebuild” following revelations of misconduct identified by the financial services royal commission.

AMP has announced the appointment of Credit Suisse Australia’s executive chairman, investment banking and capital markets at financial advisory service, John O’Sullivan, as a non-executive director of its board, effective 20 June.

Mr O’Sullivan holds almost 40 years of experience in financial services, legal regulatory risk, mergers and acquisitions (M&A), and capital markets.

Prior to joining Credit Suisse Australia, Mr O’Sullivan served as general counsel of the Commonwealth Bank of Australia from 2003 to 2008.

Interim executive chairman Mike Wilkins noted that the appointment is part of AMP’s efforts to rebuild its organisation.

“We’re committed to board renewal and John’s appointment is part of the reset that is necessary to rebuild AMP as a stronger organisation,” Mr Wilkins said.

“John will lead the board committee work around regulatory and legal matters.”

Mr Wilkins added: “John has significant financial services and governance experience and has, at the highest level, determined and implemented strategy; driven financial, operational and key people decisions; and led legal and regulatory risk functions.

“We’re pleased to be welcoming John to the board. We continue to work towards appointing further non-executive directors as we strengthen and renew the AMP Limited board.”

Mr O’Sullivan’s appointment follows the departures of non-executive directors Vanessa Wallace and Holly Kramer, and long-serving director Patty Akopiantz from the AMP board, following its annual general meeting on 10 May.

At the time, Mr Williams claimed that shareholders were demanding change amid revelations of misconduct by AMP staff, identified by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

“Our shareholders are demanding board accountability and need to know that meaningful change is underway,” Mr Williams said. 

Mr Williams assumed the roles of acting chair and acting CEO following the resignations of former chairman Catherine Brennan and former CEO Craig Meller.

However, AMP recently announced that former CEO of the Commonwealth Bank David Murray will permanently replace Mr Williams as chairman, on or before 1 July 2018.

AMP is also yet to appoint a new chief risk officer, following Pally Bargri’s resignation. Mr Bargri will depart his role in mid-July.

[Related: AMP’s governance ‘failures’ negatively impact rating outlook]

AMP continues ‘board renewal’ with new appointment
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