AMP has made the changes in preparation for the demerger of the AMP Capital private markets business in 2022.
“These changes put in place the AMP Limited executive structure we need to deliver the separation and demerger of AMP Capital private markets, while continuing to drive our growth agenda in banking and wealth,” AMP chief executive Alexis George said.
With a boosted strategic focus on the banking arm, AMP Bank managing director Sean O'Malley has been elevated to the executive committee, reporting directly to Ms George.
Mr O'Malley became managing director of AMP Bank in April, after serving as chief operating officer and in a range of other technology, operations and customer-facing roles within the business for eight years.
He joined AMP from Westpac in 2013.
Meanwhile, AMP will also appoint a new chief technology officer (CTO) to its executive committee, to report to Ms George.
The new position will reflect the role of data and technology in the group’s future service and operating model, AMP reported.
It has started a search for the new CTO, with both internal and external candidates being weighed up.
Finally, Helen Livesey, AMP group executive for people and corporate affairs, will be leaving the group later in the year.
Ms Livesey has been on the executive team for five years.
Group director for people and culture, Rebecca Nash, will replace her as chief people officer and will join the executive committee after a handover and transition period.
Ms Nash joined AMP in April last year, having previously worked across people, culture and strategy-focused roles, such as group executive, people and culture at investment manager at Perpetual.
Prior to Perpetual, she held senior roles with NAB and Accenture.
“I’m delighted to have leaders of Sean and Rebecca’s calibre joining the leadership and playing key roles in accelerating the rebuild of AMP,” Ms George said.
“I also look forward to welcoming a CTO to fast-track our digital and data strategy which will underpin our future service offerings, improve outcomes for our customers and drive agility and efficiency through the business.”
Ms George commenced as CEO in August, taking over the group after her predecessor Francesco De Ferrari stepped down in June.
She confirmed to Mortgage Business that brokers will be a key component to AMP Bank’s growth strategy.
The bank contributed around 40 per cent of AMP’s profit during the first half of the year, in contrast to its 25 per cent piece the year before, reflecting its growing importance as AMP had carved out businesses across asset management and life insurance.
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Sarah Simpkins is the news editor across Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth for InvestorDaily and ifa.