AMP CFO to stay on to oversee ‘difficult and complex’ life sale
Outgoing AMP Limited Group Chief Financial Officer, Gordon Lefevre will remain with the company through the first half of the new financial year because of the complexity of AMP’s sale of its life insurance business to Resolution Life.
The company announced to the Australian Securities Exchange (ASX) today that Lefevre would be staying through the first half “to continue to drive the transaction with Resolution” noting the intention for John Patrick Moorhead to assume the CFO role.
AMP said the separation of the life insurance business was proving to be “difficult and complex”.
“AMP continues to deal with multiple regulators in different jurisdictions and with other challenging processes to achieve the conditions precedent for the transaction,” it said.
“In some instances, these regulatory requirements have changed since the transaction was agreed. However, we continue to work towards the sale by the end of the third quarter of this year.”
AMP said that during the transition period, Moorhead would assist the chief executive with the completion of AMP’s strategic plan and would commence as Group CFO on 1 October, 2019.
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