Mohl purges AMP executive line-up
The recently appointed head of ,AMPAndrew Mohl has wasted no time in giving the company a shake-up by moving “quickly to reform” the giant life and financial services company.
Included in the new measures announced to the Australian Stock Exchange yesterday are the splitting of the UK business into two groups dubbed mature and contemporary business; the closure of AMP international and restructure of its Asian and European financial services subsidiaries; closure of its global IT unit as a stand alone division; as well as a number of sackings and appointments of executives in the wake of the negative impact of the recently departing chief executive Paul Batchelor.
The mature business will manage the UK Financial Services (UKFS) mature and closed book products in Pearl, London Life and National Provident Life. The contemporary business will include NPI, Towry Law, Ample and the UK operations of AMP Banking.
Among the departing executives are UK financial services managing director Tom Fraser, international strategy and development managing director Tim Wade, chief information officer Warwick Foster, general counsel Peter Noble and human resources general manager Andrew Jones.
They will be replaced by Ian Laughlin who will head up newly restructured AMP UK Life Services, representing AMP’s mature UK business streams; and John Drabble, who will now head up AMP UK Contemporary Financial Services. Paul Leaming will be appointed chief financial officer, while Christine McLoughlin has been appointed general manager of the office of the CEO.
The surprise appointment was Marc de Cure who had left the company only weeks ago after serving as its chief financial officer. de Cure will now be general manager, strategy and development.
Gareth Bennett, who has worked in human resources for AMP since 1996, will be the new general manager of this area.
The Asian operations of the company, AMP Sanmar (India) and AMP Japan, will move directly under the umbrella of the Australian Financial Services while European operations, Mohl says, will move into the fold of AMP’s UK financial services businesses.
AMP Henderson Global Investors was not impacted by any of the changes, the company says.
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