AMP continues board renewal

by Rebecca Pike12 Jun 2018

A non-major bank trying to renew its board after revelations from the Royal Commission has appointed a new non-executive director.

Three non-executive directors resigned from the board last month, days after it appointed a new chairman, in attempts to renew the board.

AMP has recently served with class action proceedings after the group was found to have charged fees for no services. While it accepts these allegations, it has also been accused of misleading the Australian Securities and Investments Commission (ASIC) during an investigation but is "vehemently" denying these claims. 

AMP Limited has today announced John O’Sullivan will join its board as a non-executive director, effective 20 June 2018.

According to the company statement, O’Sullivan has extensive experience in leadership and senior executive roles within financial services and legal and regulatory risk as well as deep M&A and capital markets experience. 

He was most recently executive chairman, investment banking and capital markets, of Credit Suisse Australia.  Prior to that, he was general counsel of the Commonwealth Bank of Australia after a long career at Herbert Smith Freehills including as a partner of the firm.

Interim executive chairman Mike Wilkins said, “We’re committed to board renewal and John’s appointment is part of the reset that is necessary to rebuild AMP as a stronger organisation.  John will lead the board committee work around regulatory and legal matters.

“John has significant financial services and governance experience and has, at the highest level, determined and implemented strategy, driven financial, operational and key people decisions and led legal and regulatory risk functions. 

“We’re pleased to be welcoming John to the board.  We continue to work towards appointing further non-executive directors as we strengthen and renew the AMP Limited board.”