Financial services giant AMP has announced David Murray AO as its new independent, non-executive chairman. He will join the AMP Board after the company’s 2018 Annual General Meeting, on or before July 01.
The move will see current executive chairman Mike Wilkins return as the acting chief executive officer (CEO) on the said date.
Murray holds years of financial services experience, particularly in banking and wealth management and in the industry’s regulatory environment. His most recent role was chair of the Australian Financial System Inquiry.
In his new position, Murray will lead the redevelopment of governance processes at AMP, including a process of considered board renewal and the appointment of an additional non-executive director in the near term. He will also take part in the search process for AMP’s new CEO with Wilkins, who will return to his role as a non-executive director once the CEO post is filled.
“Murray’s appointment brings strong and experienced leadership to the company, strengthening our governance and our commitment to change,” Wilkins said. “This is part of the reset that is necessary for the company and I look forward to working with David, the board and management to rebuild public confidence in the company and to restore shareholder value.”
On April 20, AMP issued an unreserved apology for its misconduct and failures in regulatory disclosures in Australia. A week after this, AMP Australia chairman Catherine Brenner resigned as chairman and stepped down from the board.
Murray, meanwhile, said he looks forward to working with the AMP board and executive management.
“As part of this, I am committed to meaningful board renewal but recognise the process must be measured so as to maintain the stability of AMP in the immediate future,” he added. “Restoring trust and confidence is not easy and does not happen overnight, but I am confident this can be achieved.”
In 2001, Murray was awarded the Centenary Medal for service to Australian Society in banking and corporate governance and, in 2007, was made an Officer in the Order of Australia (AO) for his service to the finance sector, both domestically and globally, and for service to the community.