The new chairman of the AMP board of directors began his role yesterday, set with the challenge of "rebuilding" the group.
David Murray AO agreed to accept the chairmanship on 4 May 2018, where it was announced he would begin the role on or before 1 July. Following the completion of required appointment processes and the finalisation of some prior commitments, he has now joined the board.
As previously announced, Mike Wilkins, AMP’s interim executive chairman, will return to the role of acting chief executive officer.
Wilkins will remain in this position until the transition to a new CEO at which time he will return to his role as a non-executive director of the board.
AMP has seen a lot of change over the last two months, as the group was committed to completely renewing its board. This followed a number of allegations relating to its fees for no service and misleading the Australian Securities and Investments Commission (ASIC).
Murray said: “I am pleased to today begin the task of rebuilding AMP as chairman, working with the board and management to restore trust in the company.
“AMP plays an important role in the Australian financial system, serving more than 3.8 million customers with products and services that are vital to the functioning of our economy. Our business has undoubtedly been challenged by recent events but the board will set the tone from the top as we drive change across the business.
“My immediate focus will be on renewing the board and strengthening our governance framework. Remediation of customers and rebuilding relationships with regulators will also be priorities.
“On behalf of the board, I would like to thank Mike Wilkins for his leadership and his commitment to the company in stepping in as executive chairman over the past two months. I’m looking forward to working with Mike as we take up the challenge of reinvigorating AMP.”
