AMP Takes Drastic Measures, Dissolves Wealth Management CEO Role

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In a bold move, AMP shatters conventions by dissolving the role of the CEO in wealth management, prompting profound questions about the industry’s future.

AMP has undergone a series of administrative changes, resulting in the removal of Scott Hartley, the CEO of Australian wealth management. 

Additionally, Peter Fredricson, the CFO, will leave his position after less than a year.

The firm announced these developments in a statement to the Australian Securities Exchange (ASX), citing the recent sale of AMP Capital’s businesses as the reason for the changes.

AMP Declares CEO Extinct in Wealth Management Shake-Up

While AMP emphasised its renewed focus on growth and retail banking, it disclosed that the position of chief executive for Australian wealth management would not be maintained. Scott Hartley has held this role since January 2021.

The statement read, “The chief executive position for Australian Wealth Management (AWM) will be eliminated as we transition to a new operational model by year-end. Given recent transactions’ completion, adopting a more streamlined organisational structure is appropriate.”

Consequently, the AWM business will be dissolved. Scott Hartley will assist the team in transitioning to the new operational model over the next six months before leaving AMP. This decision acknowledges the substantial progress in positioning the Platforms business for growth and achieving stability and efficiency within the Advice and MasterTrust divisions.

Farewell and Financial Finesse

Alexis George, the Chief Executive, expressed gratitude towards Scott for his significant contributions to transforming the Australian wealth management businesses. Scott’s departure strengthens the firms, with a capable leadership group guiding their continued progress.

“Scott will collaborate with us as we adapt the organisational structure for wealth management in the upcoming months, and I extend my best wishes to him in his future endeavours,” said Alexis George.

A Financial Changing of the Guard: Peter Fredricson Bids Adieu as Blair Vernon Takes the Reins

Simultaneously, Peter Fredricson will also leave and retire from the executive committee. He assumed the role of Chief Financial Officer in November 2022, succeeding James Georgeson.

The CFO and Group Executive for Transformation positions will now be combined and assumed by Blair Vernon, effective July 3, 2023.
Blair Vernon will oversee the organisation’s financial and strategic activities, encompassing financial control, statutory and regulatory reporting, performance reporting, tax, investor relations, treasury, mergers and acquisitions, strategic sourcing, and workplace experience.

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