Former AMP NZ chief, Blair Vernon, has climbed up another rung on the corporate ladder as the ASX-listed firm prepares for further ‘simplification’.
Vernon will take on the chief financial officer (CFO) gig as of July in a job to be merged with his current group executive transformation title.
He replaces outgoing CFO Peter Fredricson who has served just five months in the role.
AMP is poised to embark on another round of cost-slashing measures, starting with the surprise disestablishment of the Australian Wealth Management (AWM) structure, which holds the advice and platform arms.
Scott Hartley, current AWM chief and one-time contender for the top AMP job, “will work with the team to transition to a new operating model over the next six months, before departing”, according to a release.
Earlier this year the former financial services conglomerate completed a drawn-out exit from funds management, leaving only AWM, a middling Australian bank and the NZ wealth management businesses intact.
Alexis George, AMP chief, said in the statement that post the AMP Capital sale “we are a much simpler business, and we need to reflect that in our leadership team and structure”.
George said Vernon, who replaced Jack Regan as head of AMP NZ in 2019, “has a strong track record of prudent financial management, [and] delivering sustainable cost reduction”.
“A key focus for Blair will be delivering the capital management and cost base review, with that work well advanced and on-track to be completed on or before our results update in August,” she said.
Investors triggered a ‘first strike’ warning for AMP in April after more than half of shareholders voted against the company’s executive remuneration proposals.
AMP shares closed up about 5 cents for the week at A$1.13, and almost 20 per cent above its 12-month (and historic) low of A$0.95.