The AMP Board has announced that Paul Batchelor, Managing Director
and Chief Executive Officer of AMP Limited, has stepped down from his
position.
"On behalf of the Board, I want to thank Paul for his contribution to
the company and we wish him all the best for the future," AMP's
Chairman, Stan Wallis said.
Mr Batchelor said: "It has been a privilege working at AMP. It is a
unique Australian company with many talented and committed people and
a strong future."
Andrew Mohl, currently Chief Operating Officer, Financial Services,
at AMP, has been appointed acting Chief Executive Officer of AMP
Limited, with the full authority of the Board to manage the Group. Mr
Mohl has been with AMP since 1996 and has managed the Australian and
New Zealand operations of both its financial services and asset
management businesses.
"The Board has every confidence based on his track record in Andrew
Mohl's ability to lead AMP at this challenging period in AMP's
history," Mr Wallis said. The Board will conduct an international
search for the role of CEO and will consider both internal and
external candidates.
Paul Leaming, currently AMP's Corporate Finance Director, will
shortly take on the role of acting Chief Financial Officer. One of
his first priorities will be to complete the placement of AMP's Reset
Preferred Securities, expected to be issued by the end of October.
Mr Wallis has indicated to the Board that he will oversee the
appointment of a permanent CEO and then continue as Chairman for
approximately six months. A Board Nominating Committee chaired by Sir
Malcolm Bates will co-ordinate the appointment of a new Chairman.
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