AMP (AMP.AX) announced that Blair Vernon would succeed Peter Fredricson as chief financial officer and abolish its local wealth management subsidiary to simplify its operations.
At 0224 GMT, shares of the 174-year-old financial management rose 1.4%.
AMP’s flagship Australian wealth management (AWM) unit’s assets under management declined 13% to A$124.2 billion ($84.24 billion) for the year ended Dec. 31 due to investment market declines and net cash outflows of A$5.3 billion.
Fredricson, who joined AMP last year, will retire in early July and take over leadership to Vernon, who has been there for almost a decade.
The reduced structure will also eliminate the AWM CEO post, forcing Scott Hartley to leave Australian wealth management in six months.
Comment Template