AMP names new CFO ahead of AGM in Sydney

AMP has announced the appointment of a new chief financial officer, John Patrick Moorhead, ahead of the wealth manager’s annual general meeting in Sydney.

The current CFO and chief operating officer of AMP Capital will replace Gordon Lefevre from June 1, the company said in an announcement on Thursday.

“I’m delighted that JP will join our new leadership team … as we change and reinvent AMP, he will bring the valuable international experience of leading finance,” AMP chief executive Francesco De Ferrari said.

Mr Lefevre will retire after more than five years as group CFO, including a “challenging” 18 months in which the company was hauled over the coals at the financial services royal commission.

The 170-year-old company also faces the possibility of a second strike on executive pay at Thursday’s AGM, which would trigger a vote on a board spill.

AMP already scrapped short-term cash bonuses and cut directors’ fees in an effort to avoid a second strike.

The Australian Shareholders Association plans to vote against the remuneration report, but large institutional investors say they will vote in favour.

Chairman Catherine Brenner and chief executive Craig Meller departed last year, while customers have withdrawn billions of dollars in funds and AMP is defending itself against class action lawsuits after revelations of wrongdoing.

Costs related to remediating customers for misconduct and losses from divestitures wiped off nearly 97 per cent of its annual profit last month.

Meanwhile, the company on Thursday posted a near nine-fold increase in cash outflows at its wealth management unit for the first quarter, from $200 million to $1.8 billion.

Assets under management were $129.33 billion at March 31, up slightly from $123.22 billion at the end of 2018, it said in a release on Thursday.

AAP

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