AMP’s group executive, wealth, Paul Sainsbury is stepping down to be replaced by Alex Wade.
AMP announced to the Australian Securities Exchange (ASX) today that Wade would replace Sainsbury, who intends to remain with the group for an interim period to ensure a smooth transition.
Megan Beer has been appointed to lead AMP Life through the separation and transfer to Resolution Life, which is expected in the second half of 2019. On completion, she would join Resolution as chief executive officer, AMP Life and head of Resolution’s Australasian region.
Blair Venon would lead AMP’s New Zealand advice and wealth operations, and would continue to lead NZ’s wealth protection and mature operations for an interim period as they transition into the AMP Life business under Beer.
Craig Ryman has also been appointed as chief operation officer, and would be responsible for driving efficiency and improving AMP’s capability to execute and deliver change.
CEO Francesco De Ferrari said the new group structures would deliver a clear focus on the group’s immediate proprieties, which primarily include reinventing wealth management.
“2019 will be a year of significant transition for AMP, and today’s appointments will drive change while retaining experience in our leadership team,” he said.