AMP appoints new CFO, announces ‘simplified structure’

InvestorDaily

In a statement on Monday, AMP announced that its Australian wealth management (AWM) business would be dissolved as part of a streamlining process aimed at introducing a “simplified structure.” The role of chief executive of AWM will be removed, with AMP confirming a transition to a new operating model would 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,” AMP said.

“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”. Alongside the dissolution of AWM, Peter Fredricson, chief financial officer (CFO) and member of the executive committee, will leave AMP. The roles of CFO and group executive transformation are due to be consolidated following his departure and will be headed by Blair Vernon, effective 3 July.

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