AMP scraps wealth management CEO role

29 May 2023
| By Laura Dew |
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In a series of executive changes, AMP has removed the CEO of Australian wealth management role held by Scott Hartley while CFO Peter Fredricson will depart after less than a year in the role.

In a statement to the Australian Securities Exchange (ASX), the firm said the moves followed the sale of AMP Capital’s businesses. 

While the firm emphasised its focus was now on growth and retail banking, it said the role of chief executive-Australian wealth management would not be retained. This had been held by Scott Hartley since January 2021.

“The role of chief executive - Australian Wealth Management (AWM) will be removed with a transition to a new operating model to occur by the end of the year. With the recent transactions largely complete, a flatter organisational structure is appropriate. 

"As a result, the AWM business will be dissolved. Scott Hartley will work with the team to transition to a new operating model over the next six months, before departing AMP. The decision reflects the strong work done to position the Platforms business for growth, while stabilising and delivering efficiencies within the Advice and MasterTrust businesses."

Chief executive, Alexis George, said: "I would like to thank Scott for the significant contribution he has made, as he has transformed the Australian wealth management businesses. He leaves those businesses in a much stronger position and has developed a solid leadership group to continue to take those businesses forward.

“Scott will be working with us as we adapt the organisational structure for wealth management over the coming months, and I wish him all the best for his future career.”

Meanwhile, Fredricson would also depart and retire from the executive committee. He had been appointed to chief financial officer in November 2022, taking over from James Georgeson.

The role of CFO and group executive transformation would now be consolidated and taken over by Blair Vernon from 3 July, 2023.

Vernon would be responsible for leading the financial and strategic activities of the organisation across financial control, statutory and regulatory reporting, performance reporting, tax, investor relations, Treasury, M&A, strategic sourcing and workplace experience.

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