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AMP makes changes to executive team

The financial services group has announced a number of executive changes as part of an ongoing effort to streamline its business.

Blair Vernon has been appointed to the expanded role of chief financial officer (CFO) and group executive transformation for AMP Limited as of 3 July 2023. The role has been consolidated following the retirement of CFO and member of the executive committee Peter Fredricson following a 40-year career.

In his new role, Mr Vernon will be responsible for leading the financial and strategic activities of the organisation across financial control, statutory and regulatory reporting, performance reporting, tax, investor relations, treasury, M&A, strategic source, and workplace experience and transformation.

Mr Vernon brings 25 years’ of experience across the financial services sector in Australia and New Zealand. He joined the group in 2009 and was appointed chief executive of AMP wealth management, New Zealand in 2019.

Following that, Mr Vernon was appointed to take charge of all of the group's transformation activities, such as separation following the sales of the AMP Capital businesses, while continuing governance oversight of the wealth management business in New Zealand.

Mr Venon also served as acting CEO of AMP Australia between August 2020 and January 2021, where he was responsible for the group's wealth management and banking divisions, focused on bolstering financial and client-led outcomes.

In addition, the role of CEO, Australian wealth management (AWM) will be dissolved with a transition into a new operating model set to occur by the end of the year. Scott Hartley will work with a team to transition to this new operating model for six months before leaving the bank himself.

AMP CEO Alexis George said after the AMP Capital sales, the company is “a much simpler business” that calls for reflection in its leadership team and structure.

“With Peter deciding to retire, the simplification of the structure through combining the CFO and Transformation roles made sense. We appreciate the contribution Peter has made to the company,” Ms George said.

“The appointment of Blair Vernon to the role will ensure a seamless transition.

“Blair has a strong track record of prudent financial management, delivering sustainable cost reduction, which together with his knowledge of the company will enable him to continue to drive the efficiency agenda.”

On the eventual departure of Mr Hartley, Mr George commented: I would like to thank Scott for the significant contribution he has made, as he has transformed the Australian wealth management businesses.

“He leaves those businesses in a much stronger position and has developed a solid leadership group to continue to take those businesses forward.”

[RELATED: AMP completes sale of remaining AMP Capital business]

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