AMP refreshes executive structure for platforms and advice
AMP has announced an executive reshuffle following the sale of the AMP Capital businesses.
This will see Edwina Maloney and Matt Lawler join the firm’s executive committee as group executive of platforms and group executive of advice, their new job titles.
Maloney was appointed director of platforms in June 2021, which includes wealth distribution, north operations, product, digital development and retirement solutions. Lawler joined in July 2021 with the responsibility to lead and transform AMP’s advice business.
A third role of group executive of superannuation and investments will combine responsibilities for the superannuation master trust and investment business. AMP said it will conduct an internal and external search to fill the post.
Jason Sommer, who is currently the director of transformation and investments, Australian wealth management, will hold the role in the interim.
This follows the removal of the Australian wealth management CEO role held by Scott Hartley, announced earlier this year, and the decision to combine the roles of chief financial officer and group executive of transformation, now held by Blair Vernon.
AMP chief executive, Alexis George, said: “The AMP Capital sales have made for a much simpler AMP and these executive changes reflect that by flattening our management structure, particularly in wealth management.
“This elevates key businesses to the executive team, further increasing visibility and accountability for performance and cost management, while also bringing the executive committee closer to our customers and to advisers.
“The new operational structure supports our focus on being a leading provider of retirement solutions and helping more Australians to meet their financial goals.”
The new appointments come into effect on 31 July 2023.
The firm has also announced a change to how it reports its financial results with the platform, master trust and advice businesses all reporting individually rather than as Australian wealth management.
Self-managed superannuation fund (SMSF) administration and software firm SuperConcepts, which was sold to private equity firm Pemba Capital Partners last month, will be reported under ‘discontinued operations’.
In an ASX statement, it said: “The changes align AMP’s reporting and disclosure materials to its more focused business and streamlined operating model, in line with recent announcements”.
AUTHOR
Laura Dew
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