AMP CEO Francesco De Ferrari has announced changes to the group’s structure to deliver on AMP’s immediate priorities, which he said include reinventing wealth management, executing a successful separation of the wealth protection and mature businesses, and driving change and efficiency across AMP.
Among the changes announced by AMP is an expansion of the portfolio held by group chief executive officer for advice Alex Wade, which would bring together AMP’s advice, wealth management, product and customer solutions teams.
AMP stated that Mr Wade will be charged with redefining AMP’s wealth management model to focus on strengthening client outcomes and restoring momentum in the new regulatory environment.
Meanwhile, Paul Sainsbury, currently group executive for wealth solutions and customer, will remain with the group for an interim period to assist the group in its transition to a single wealth division.
Further, Megan Beer, group executive for insurance, will lead AMP Life through the separation and transfer to Resolution Life, which is expected in the second half of the 2019 financial year.
On completion, Ms Beer will join Resolution as CEO AMP Life and head of Resolution’s Australasian region.
Moreover, Blair Vernon will lead AMP’s New Zealand advice and wealth operations and continue to lead AMP’s New Zealand wealth protection and mature operations for an interim period as they transition into the AMP Life business under Ms Beer, ahead of separation.
Craig Ryman, AMP group executive for technology and operations, has been appointed to the expanded role of chief operating officer.
Commenting on the changes, Mr De Ferrari said: “2019 will be a year of significant transition for AMP, and today’s appointments will drive change while retaining experience in our leadership team.
“In Australian wealth management, I am confident that, under Alex Wade’s leadership, we will be able to reinvent our wealth management business to better compete in the new regulatory environment.
“I’d like to thank Paul Sainsbury for his ongoing support in establishing our new structure and his years of outstanding service to the group.”
He concluded: “Today’s changes establish clear accountabilities for a successful separation of the insurance and mature businesses this year and setting up the future direction of the new AMP.”
Westpac appoints new board members
Westpac has announced the appointment of Margaret Seale and Steven Harker to the Westpac board effective 1 March 2019.
Westpac’s chairman, Lindsay Maxsted, said: “We are delighted to welcome such high-quality directors in Margie and Steve, who will add significant skills and experience to the board.
“Margie’s executive and non-executive career to date means that, amongst other capabilities, she will bring valuable insights about how businesses can respond to digital disruption. Steve is a career banker with extensive investment banking and financial services experience.”
Mr Harker and Ms Seale will both be independent non-executive directors and become members of the Board Risk and Compliance Committee upon their appointments.
Ms Seale has previously served on a number of boards, including Ramsay Health Care Limited, Bank of Queensland Limited, Penguin Random House Australia, the Australian Publishers’ Association and Chief Executive Women.
Ms Seale is currently serving as a non-executive director of Scentre Group, Telstra Corporation Limited and Australian Pacific (Holdings).
Prior to commencing her non-executive career, Ms Seale was managing director of Random House Australia and New Zealand and was president of Asia development for Random House globally.
Mr Harker was formerly managing director and CEO of Morgan Stanley Australia from 1998 to 2016 and then vice chairman until February 2019.
Mr Harker has previously served on the boards of Investa Property Group and Australian Financial Markets Association Limited.
Mr Harker is currently a director of The Banking and Finance Oath, The Hunger Project Australia and ASX Refinitiv Charity Foundation. Mr Harker is also governor and treasurer of Ascham School.
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