AMP has moved quickly to try and rebuild its tattered reputation by appointing former Commonwealth Bank chief executive David Murray as its new chairman.
Mr Murray replaces former chairman Catherine Brenner who was forced to step down earlier this week in the wake of damning evidence at the banking royal commission.
AMP hit back today rejecting many of the assertions made at the commission, including any wrong-doing by Ms Brenner and form chief executive Craig Meller.
AMP also argued that ASIC, rather than the royal commission, should deal with the numerous allegations of breaches of the corporations act.
Mr Murray will join the AMP board after its upcoming annual general meeting.
The current executive chairman, Mike Wilkins, who stepped into the void left by Mr Meller’s departure, will return to the position of acting CEO to run the day-to-day operations of the wealth manager.
“Mr Murray will lead the redevelopment of governance processes at AMP, including a process of considered board renewal and the appointment of an additional non-executive director in the near term”, AMP said in a statement to the ASX.
He will also work with Mr Wilkins, a former chief executive at the big insurer IAG, in leading the search process for a new CEO.
“We’re delighted to welcome a person of David Murray’s outstanding calibre to the chairman’s role,” Mr Wilkins said.
“His appointment brings strong and experienced leadership to the company, strengthening our governance and our commitment to change.”
Mr Murray, 69, is one of the nation’s most experienced bankers, having started his career as a teller in a Sydney branch of the Commonwealth Bank, before rising to the top job and overseeing the bank’s transition from public to private hands.
He also chaired the Federal Government’s Future Fund and chaired the Financial System Inquiry, which reported to the Australian Government in December 2014.