AMP Names Former Commonwealth Bank CEO David Murray as Chairman
May 04 2018 - 2:01AM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--Wealth-manager AMP Ltd. (AMP.AU) has
turned to a seasoned banker to take over as chairman, hiring former
Commonwealth Bank of Australia chief executive David Murray.
More recently, Mr. Murray led a sweeping inquiry into
Australia's financial system, which reported to the federal
government at the end of 2014.
AMP in a statement Friday said Mr. Murray would join the board
as nonexecutive chairman after the upcoming annual shareholders'
meeting, due by July 1.
At that time current executive Chairman Mike Wilkins will return
to his role as acting chief executive. Mr. Wilkins took up the
chairman post after the resignation Monday of Catherine Brenner,
which followed on the heels just over a week earlier of CEO Craig
Meller following revelations it misled a regulator over fees
charged to customers for advice it failed to deliver.
"David has deep experience of financial services, particularly
banking and wealth management, as well as the industry's regulatory
environment through his leadership of the Financial System
Inquiry," Mr. Wilkins said of the incoming chairman. "He brings a
strong risk mindset and a clear appreciation of community
expectations for AMP as well as the wider financial-services
industry."
Mr. Murray was CEO of Commonwealth Bank from 1992-2005 and
served as inaugural chairman of Australian Future Fund, the
country's sovereign wealth fund, from 2006-2012.
-Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 04, 2018 01:46 ET (05:46 GMT)
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