AMP Limited yesterday announced that Mr Peter Mason AM will retire from the AMP Limited Board, after eight years as Chairman and more than 10 years as a Director, at the upcoming AGM in accordance with AMP’s board tenure guidelines.
AMP also announced that Mr Simon McKeon AO will become the Chairman of the AMP Limited Board in May following the planned retirement of Peter Mason.
Simon McKeon joined the AMP Limited Board in 2013. He is a member of the Audit Committee and a Director of AMP Capital Holdings Limited. He is also the Chairman of CSIRO and holds a number of not-for-profit directorships.
The Board of AMP Limited thanked Mr Mason for his outstanding contribution to AMP over the last decade and paid tribute to his critical role overseeing a successful transition of CEO twice during his time as Chairman, his calm stewardship during the global financial crisis and the fruitful negotiations leading to the acquisition of AXA Asia Pacific Holdings Limited.
Mr Mason said: “It has been a great privilege to be the Chairman of AMP Limited, a company with a long and proud heritage that continues to make a real difference to people’s lives. During the tenure of this Board we oversaw the merger between AXA and AMP, which has delivered transformational change. The new AMP has significant scale and capacity, market-leading products and platforms, is number one in key market segments, has an expanded financial planner footprint and is well-positioned for growth.
“Succession planning has always been a key focus of the AMP Board and I am pleased that Simon McKeon will take over from me as Chairman when I step down after a full cycle of board renewal. The company and the Board are in very capable hands.”
Mr McKeon added: “Peter Mason has served and guided AMP through a successful expansion into Asia and a period of significant change in a challenging environment including the global financial crisis, substantial legislative and regulatory shifts and the merger with AXA.
“This phase of the board renewal process was timed to follow the smooth transition to the new CEO Craig Meller and the completion of the merger. We thank Mr Mason for agreeing to stay an extra year past his planned retirement date to oversee these important milestones.”
AMP Limited also advised Mr Rick Allert AO having reached the end of his three year term, has announced his intention to retire from the Boards of AMP Limited and AMP Bank Limited. Mr Allert joined the Board in 2011 following AMP’s acquisition of AXA Asia Pacific, where he was Chairman from 2000 – 2011 and a Director since 1992. The Board wishes to express its appreciation for Mr Allert’s contribution in providing continuity and insight from his deep experience in the sector.
As part of the board renewal process, AMP Limited further announced that Mr Trevor Matthews will join the AMP Limited Board as a non-executive Director, effective 3 March 2014.
Mr Matthews brings significant life insurance experience to AMP having held senior management roles in life insurance businesses in Australia and internationally over the last 30 years.
Mr Matthews is a qualified actuary who most recently was Executive Director and Chairman Developed Markets for Aviva Plc, based in London. Previously he was Chief Executive Officer, Aviva UK and has held a number of other senior executive roles with Aviva and other life insurers.