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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AMP Chief Executive Craig Meller said the new group structure delivers sharper  focus on performance in the core Australian businesses, drives efficiency  across the group and provides increased emphasis on the growth drivers in the portfolio.

The key changes to the group leadership team are:

• Wealth Solutions and Customer: Paul Sainsbury will lead a new division bringing together customer, wealth  management and product solutions.
• Advice and New Zealand: Jack Regan, currently Managing Director New Zealand, will lead an expanded  portfolio, assuming responsibility for AMP’s advice businesses. Mr Regan will retain responsibility for the  management of AMP New Zealand.
• AMP Bank: Sally Bruce will join the  group leadership team as Group Executive, AMP Bank.
• Insurance: Megan Beer will be appointed Group Executive, Insurance, bringing single point accountability to the stabilisation and management of the insurance business.
• Technology and Operations: Craig Ryman will become Group Executive, Technology and Operations, assuming an expanded portfolio combining IT and operations.
• Enterprise Risk Management: Saskia Goedhart, Chief Risk Officer, will join the group leadership team.

The leadership changes are effective 1 January 2017.  Management of the other divisions remain  unchanged.  An updated structure chart and biographies are attached.

As a  result of the changes, three executives will leave the organisation: Pauline Blight-Johnston, Group Executive, Insurance, Super and Risk Management; Rob Caprioli, Group Executive, Advice and Banking; and Wendy Thorpe, Group Executive Operations. Ms Thorpe had previously advised her intent to retire and will leave the business in early  2017 after helping to ensure the smooth transition of the operations  function.  Ms Thorpe will also shortly  join the board of AMP Bank as a Non-Executive Director.

“I would like to thank those  executives who are leaving the organisation for their contribution to AMP and  to the transformation of our core Australian business during the past three  years.  I wish each of them well for the future,” said Mr Meller.

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Lee Barnett

AMP Limited yesterday announced that Ms Lee Barnett will retire as Chief Information Officer after 18 years of service, including 12 years in her existing role.

Ms Barnett will be replaced by Craig Ryman, AMP’s current IT Director Product & Advice.

AMP Chief Executive Officer Craig Meller acknowledged Lee’s substantial contribution to the company since joining AMP in 1996. She has lead AMP’s IT and Project Services as well as Sourcing and Facilities Management functions through a period of considerable industry change and overseen the technology integration of AXA’s Australian and New Zealand businesses as well as the demerger of AMP’s UK business.

“Lee Barnett has been instrumental in helping to shape AMP’s transformation of our core Australian business. This embraces our ongoing customer driven focus and cements our position as the leading independent wealth management company in Australia and New Zealand,” Mr Meller said. “We wish her well.”

Mr Meller said he welcomed Mr Ryman’s appointment as Chief Information Officer at a time when AMP was transforming its core Australian business with new operating model and mobile platforms. These were announced at the group’s half-year financial results in August.

Mr Ryman will start in his new role in 1 January 2015.

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