AMP has announced the sudden retirement of chairman Simon McKeon. McKeon will step down from the AMP Limited Board at the conclusion of the company’s AGM in May.
John Palmer ONZM will assume the role of interim chairman until a permanent appointment is made. As a result, Palmer’s own retirement will be postponed until a new chair has been appointed.
McKeon said, “I am disappointed to leave the board following a change in my circumstances. It has been an honour to be the chairman of AMP Limited, I have every confidence in the strategy and management team and believe that AMP is well positioned to grow over the long-term.”
McKeon successfully oversaw a period of growth for AMP. A former Macquarie Group executive and chairman of the CSIRO, McKeon received the Australian of the Year accolade in 2011. He is also a philanthropist and an Olympic sailor. He was diagnosed with multiple sclerosis in 2001.
McKeon had held the chairmanship at AMP since May 2014. The Board of AMP Limited have thanked McKeon for his contribution since then, emphasising his focus on opportunities for future growth.
Palmer said, “We wish Simon the best for his future.”
AMP’s latest full-year results show a rise in profits to $972 million, as its wealth management business expands in Australia and internationally.
