Blair Vernon

AMP Limited has announced the appointment of Blair Vernon as its new Group Chief Executive Officer (CEO) following a thorough internal and external search process conducted by a top tier executive search firm. Current CEO, Alexis George, will retire from executive roles effective 30 March 2026 after a distinguished career in financial services. Ms George has successfully led AMP since August 2021, guiding the organisation through a period of significant transformation and growth.

Mr Vernon, AMP’s Chief Financial Officer, brings extensive experience from previous financial services leadership roles in Australia and New Zealand. His appointment ensures a seamless transition and ongoing execution of key strategic initiatives.

This leadership change marks a new chapter for AMP, building on the strong foundation established under Ms George’s tenure.AMP Chair Mike Hirst commented: “On behalf of the Board, I thank Alexis for her dedicated service and leadership at AMP. Alexis has guided AMP through a significant transformation that has streamlined the organisation and focused each business on its strongest growth opportunities. She stabilised the business and oversaw the successful sale of AMP Capital and the Advice business whilst building a customer focused culture.

“Alexis has advanced AMP’s transformation and culture and delivered strategic initiatives that will underpin the next phase of growth. In particular, her clear achievement of building a strong executive team will ensure continued momentum in the business and position AMP for future success. I wish Alexis well for the future.

“After a rigorous search and selection process, the Board was unequivocal in its view that Blair brings the right breadth of experience and capability to lead AMP in its next phase of growth as CEO. He is keen to deliver strong performance for our stakeholders and has played a key role in improving our position in the financial services industry.

“Blair has built confidence by tightening financial management, steering our capital return program and successfully executing both the AMP Capital separation and the AMP Advice sale and partnership. The Board congratulates Blair on his appointment and looks forward to working with him and our excellent leadership team to build on the positive momentum within the business.”

Alexis George commented: “AMP has undertaken significant transformation to become a simpler, customer-focused, and growth-oriented organisation. I am proud of our achievements over the past 5 years, particularly helping our customers retire with confidence. While it was not an easy decision to retire from executive roles, I am confident that AMP is well positioned for future success. Leading AMP, a company integral to Australia and New Zealand, has been an honour. I wish Blair and AMP continued success and will remain a strong supporter.”

Blair Vernon commented: “It’s a privilege to take on the leadership of AMP, a company with a proud legacy of serving the financial needs of Australians and New Zealanders. AMP is delivering against its strategy, and I look forward to continuing to work with my colleagues in executing our strategic ambitions and delivering positive outcomes to customers, shareholders, communities and colleagues. I want to thank Alexis for her incredible contribution to AMP and all its stakeholders, and for her support over so many years. I wish her well for the future and look forward to continuing to work with her during our transition.”

A process will also be undertaken to appoint a new Chief Financial Officer.

Blair Vernon biography

Blair has over 30 years’ experience across the financial services sector in New Zealand and Australia.

Blair commenced in the role of AMP Group CFO in July 2023. From May 2022 until July 2023, Blair served as Group Executive Transformation for AMP and Group Executive for the New Zealand business. During this period Blair established the transformation and simplification program, including the divestment of AMP Capital assets. Blair was previously CEO/Managing Director of New Zealand Wealth Management from January 2017, and prior to this served as AMP’s Director Retail Financial Services; Director of Advice & Sales and General Manager Marketing and Distribution.

From August 2020 to January 2021, Blair served as Acting CEO for AMP Australia, where he was responsible for AMP’s wealth management and banking divisions with a focus on strengthening customer-led outcomes.

Summary of new CEO contract:

• Salary (including superannuation) of A$1.4million per annum.
• Short-term incentive opportunity equivalent to 100% of salary for on target performance, and 125% at maximum, subject to achievement of performance hurdles and other terms.
• A maximum long-term incentive opportunity with a target value equivalent to 100% of salary, subject to achievement of performance hurdles and other terms.
• Either party can terminate the agreement with six months’ notice. The Company may summarily terminate the CEO’s employment without notice in certain circumstances.
• There is a post-employment restraint of 12 months.

Summary of Ms Alexis George’s exit arrangements:

• Ms George will stay in the CEO role until 30 March 2026, after which time she will be available to the Company to assist with handover and ongoing support.
• All of Ms George’s incentives will be treated in accordance with her contract and the original offer terms, as previously disclosed.

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Edwina Maloney

AMP has announced three new executive roles and a flattened organisational structure, as part of the ongoing simplification and streamlining of its business following the AMP Capital sales.

AMP will elevate leadership of its Platforms and Advice businesses in two new roles on its executive committee. A third new executive committee role of Group Executive Super and Investments will combine responsibility for the Superannuation–Master Trust and Investments businesses.

Edwina Maloney who leads the Platforms business and Matt Lawler who leads the Advice business, will continue to perform their current roles and become part of the executive committee. Their new titles will be Group Executive Platforms and Group Executive Advice, respectively.

AMP will conduct an internal and external search to fill the third position of Group Executive, Super and Investments. Jason Sommer, currently Director – Transformation and Investments, Australian Wealth Management will act in the role until the permanent position is filled. Chief Investment Officer Anna Shelley and Director Super and Investments Ilaine Anderson will report into this new executive position. Anna Shelley will also have a dotted reporting line to CEO Alexis George for group investment activities.

The appointments follow the recent decision to remove the role of Australian Wealth Management CEO, held by Scott Hartley and to simplify the business structure. It also follows the decision to combine the roles of Chief Financial Officer and Group Executive Transformation, now held by Blair Vernon.

AMP Chief Executive, Alexis George commented:

“The AMP Capital sales have made for a much simpler AMP and these executive changes reflect that by flattening our management structure, particularly in wealth management.

“This elevates key businesses to the executive team, further increasing visibility and accountability for performance and cost management, while also bringing the executive committee closer to our customers and to advisers.

“The new operational structure supports our focus on being a leading provider of retirement solutions and helping more Australians to meet their financial goals.

“The new executives have proved themselves as high-quality leaders and I look forward to working more closely with them.

“Again I would like to thank Scott Hartley for the work he has done to reposition AMP’s wealth management businesses.”

The new appointments come into effect on 31 July 2023.

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Mr Hartley, who was CEO of Sunsuper from 2014-19, will take over from Blair Vernon, who was the Acting CEO of AMP Australia, while an executive search was conducted. Mr Vernon will return to his previous role as CEO of AMP’s New Zealand Wealth Management business, as planned.

Mr Hartley will report to AMP CEO Francesco De Ferrari and lead the strategic transformation of AMP Australia already in-flight across the business’ financial advice, superannuation and platforms, and AMP Bank operations.

Mr Hartley brings the valued experience of leading the transformation of Sunsuper’s culture, technology, investment, and multi-channel growth capabilities. This transformation enabled Sunsuper to grow its market share to become Australia’s fourth largest^[1] superannuation and retirement business, a highly regarded industry leader, and most importantly to deliver leading customer outcomes and experience.

Prior to Sunsuper, Mr Hartley led the corporate and institutional wealth business at MLC/NAB Wealth leading three businesses to market leading positions and significantly growing the company’s share of corporate superannuation.

Mr Hartley and Mr Vernon will work together as part of AMP’s executive committee.

AMP Chief Executive Francesco De Ferrari commented: “Scott has an excellent track record in transforming and growing wealth and investment businesses in Australia, and we’re delighted to welcome him to AMP. At Sunsuper he developed a collaborative and inclusive culture that drove the outstanding performance of the organisation. His appointment will strengthen our executive team as we drive forward our transformation of the business.

“Scott will build on the high-quality work that Blair Vernon has performed in his four months as Acting CEO. Blair stepped into the role at short notice and has been decisive in keeping our transformation activity moving and managing the complex legacy issues of the business. He has earned tremendous respect within AMP Australia and will remain a key member of my leadership team.”

Incoming AMP Australia CEO, Scott Hartley commented: “I’m excited to be joining AMP at a pivotal time for the company. The business is in the midst of a transformation, to which I can bring my experience and capability. AMP has played an important role in the lives of many Australians for over 170 years and I look forward to working with and developing the entire AMP Australia team to fulfill AMP’s purpose of helping its clients realise their ambitions.”

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[1] Measured by customer numbers

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Blair Vernon, CEO of New Zealand Wealth Management (NZWM), has been appointed Acting CEO of AMP Australia while a process is conducted to find a permanent replacement.

Mr Vernon, who has led major change as CEO of NZWM, will commence in the role immediately, and Jeff Ruscoe will replace him as Acting CEO, NZWM.

AMP Chief Executive Francesco De Ferrari said: “We have a strong team in AMP Australia, who have been transforming the business, managing the successful separation of AMP Life, reshaping advice and increasing our focus on clients.

“I’m pleased we are able to call on an experienced executive in Blair Vernon to lead this team and continue to drive our strategy forward.”

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AMP Chief Executive Officer Francesco De Ferrari said the new group structure delivers clear focus on the group’s immediate priorities: reinventing wealth management, executing a successful separation of the wealth protection and mature businesses, and driving change and efficiency across AMP.

The key changes to the group leadership team are:

• Australian wealth management: Alex Wade will lead an expanded portfolio bringing together AMP’s advice, wealth management, product and customer solutions teams. Mr Wade will redefine AMP’s wealth management model to focus on strengthening client outcomes and restoring momentum in the new regulatory environment. Paul Sainsbury, currently Group Executive, Wealth Solutions & Customer, will remain with the group for an interim period to support Mr Wade in ensuring a smooth transition to a single wealth division.
• Australia and New Zealand wealth protection and mature (AMP Life): Megan Beer will lead AMP Life through the separation and transfer to Resolution Life, which is expected 2H 2019. On completion, Ms Beer will join Resolution as CEO AMP Life and Head of Resolution’s Australasian region. Ms Beer’s appointment will help drive separation and ensure a seamless transition for customers and employees. Post completion, AMP will continue to benefit from Ms Beer’s stewardship of Resolution’s businesses in Australia, in which it retains a significant minority interest.
• New Zealand wealth management: Blair Vernon will lead AMP’s New Zealand advice and wealth operations. He will continue to lead AMP’s New Zealand wealth protection and mature operations for an interim period as they transition into the AMP Life business under Megan Beer, ahead of separation.
• Chief Operating Officer: Craig Ryman has been appointed to the expanded role of Chief Operating Officer. Mr Ryman will be responsible for driving efficiency and improving AMP’s capability to execute and deliver change

Management of the other divisions remain unchanged and an updated structure chart is below.

Mr De Ferrari commented “2019 will be a year of significant transition for AMP, and today’s appointments will drive change while retaining experience in our leadership team. In Australian wealth management, I am confident that, under Alex Wade’s leadership, we will be able to reinvent our wealth management business to better compete in the new regulatory environment. I’d like to thank Paul Sainsbury for his ongoing support in establishing our new structure and his years of outstanding service to the group.

“Yesterday’s changes establish clear accountabilities for a successful separation of the insurance and mature businesses this year and setting up the future direction of the new AMP.”

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Mr Wade will report to AMP Chief Executive Francesco De Ferrari and will lead the continuing transformation of AMP’s advice business.

Mr Wade will succeed AMP Group Executive, Advice and New Zealand, Jack Regan, who will retire from AMP after nearly 20 years of distinguished service.

David Akers, who has been AMP’s Acting Group Executive, Advice, while Mr Regan has been on extended leave, will work with Mr Wade to transition responsibilities and will return to the advice leadership team. Blair Vernon will continue as Managing Director of New Zealand.

Mr Wade has substantial experience in the wealth management and banking industries and has a strong track record in building and leading businesses. Most recently, he served as the Head of Developed and Emerging Asia for Credit Suisse Private Banking. Mr Wade has been with Credit Suisse for 12 years, holding other roles such as Chief of Staff for Asia Pacific and Head of Private Banking Australia. He has significant experience in financial services in Australia, Singapore and Hong Kong.

AMP Chief Executive Francesco De Ferrari said:

“Alex is a talented leader and strategic thinker, who will bring valued experience and relationships to AMP’s advice business. The financial advice industry in Australia is in the process of renewal, and AMP and Alex will play a prominent role in driving this change. We firmly believe that financial advice is essential for helping people manage their finances, and plan for retirement.

“I offer the warmest thanks to Jack Regan for his commitment to our advisers, customers and employees over his long service at AMP. After ten years leading AMP New Zealand, Jack took on the Group Executive, Advice and New Zealand, role in 2017, bringing his deep understanding of the advice industry to improve the governance and controls of the business. Jack is greatly respected across the advice industry and retires with the best wishes of everyone at AMP, including the many advisers across our network.

“I would also like to thank David Akers for taking on the role of Acting Group Executive, Advice, this year.”

Incoming AMP Group Executive, Advice, Alex Wade said:

“I am delighted to be joining AMP at such a significant time for the company. Though the industry and AMP have faced scrutiny this year, AMP advisers have a long history of helping and supporting people across Australia plan their financial lives and achieve their personal goals.

“The industry is changing for the better and it is committed to reaching new, higher standards of professionalism. AMP has been proactively transforming its business and developing new systems and technology to improve the advice process and strengthen governance, compliance and controls – all which results in an enhanced advice experience for customers.

“I am looking forward to meeting and getting to know our advisers, and working with Francesco to drive further change.”

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