AMP announces changes to board

In an update to the ASX, AMP Ltd has announced the appointment of Rahoul Chowdry as a non-executive director to the board, effective as of 1 January 2020.

Mr Chowdry has over 35 years of experience in leadership and senior executive roles in professional services, both in Australia and overseas.

He is currently a partner and national leader of Minister Ellison Consulting’s financial services, risk and regulatory practice in Australia.

Prior to this role, Mr Chowdry was a partner in PwC’s financial services practice for almost 30 years, where he was responsible for auditing and advising major banks and multinational institutions in Australia, Canada and the United Kingdom.

Mr Chowdry also serves as a member of the Reserve Bank of Australia’s audit committee.

AMP chairman David Murray welcomed Mr Chowdry to the board, commenting on the wealth of experience he brings with him to the new role.

“Rahoul’s leadership and financial, audit and risk management expertise will further strengthen the knowledge and experience on the AMP board,” Mr Murrary said.

“He will bring valuable insight to the board as the industry navigates increasing regulatory governance and risk requirements.”

The announcement came as board member Peter Varghese AO announced his intention to retire from the board of directors at the end of his current term.

His term will finish at the conclusion of the 2020 annual general meeting on 8 May 2020.

Mr Varghese has sat on the AMP board since October 2016, during which time he has held positions, including non-executive director on the boards of AMP Ltd and AMP Capital Holdings, as well as a member of the group audit, risk, remuneration and nomination committees.

Commenting on Mr Varghese’s retirement, Mr Murray thanked him for his three years of service to AMP and wished him well for the future.

“Peter has decided against seeking re-election to the AMP board when his current term ends,” Mr Murray said.

“He wishes to spend more time on his advisory work, including a follow-up to the India Economic Strategy report, which he submitted to the Prime Minister in 2018. 

“The board thanks him for his contribution and wishes him well for the future.”

[Related: AMP reports cash flow woes, loan book growth]