AMP board restructure offers glimmer of hope
AMPchief executive Andrew Mohl is confident of a slow but steady return to glory for the financial giant, and is now hoping for a boost to investor confidence following the appointment yesterday of two new directors to the board.
The appointments of Dr Nora Scheinkestel and Peter Mason, who join the troubled group on September 1 and October 20 respectively, takes the number of board members to nine, with the AMP board now consisting of seven non-executive and two executive directors - seven of whom have been appointed within the past year.
AMP chairman Peter Willcox, who announced plans to restructure the board back in February, says the considerable renewal of the board this year is part of the “new direction” of the company.
Mason is also chairman ofJPMorgan Chase Bankgroup in Australia, which he joined after JPMorgan acquired Australian investment banking group Ord Minnett, of which he was chairman and joint chief executive. With more than 30 years’ investment banking experience, Mason is largely remembered for his time as chairman and joint chief executive ofSchrodersAustralia and tenure as group managing director of the Schroders investment banking businesses in the Asia Pacific region.
Scheinkestel was formerly a senior banking executive in international and project financing, and has held positions at Macquarie Bank, Chase,AMPand Deutsche Bank, while other prior directorships include that atIOOF Funds Management.
The two will stand for election at the group’s annual general meeting next year.
On the subject of the recent market hammering that AMP has been facing, Mohl says the group is “weathering the storm”.
“It’s been a difficult period but we’re coming through and the outlook’s quite positive.”
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
