Mr Murray is expected to join the AMP board as chairman between the AMP 2018 annual general meeting on Thursday, 10 May and 1 July 2018.
Current executive chairman Mike Wilkins will return to the position of acting chief executive on that date.
Mr Murray was the chair of the Financial System Inquiry, which reported to the government in December 2014. He was also the CEO of CBA between 1992 and 2005.
Mr Wilkins said, “We’re delighted to welcome a person of David Murray’s outstanding calibre to the chairman’s role. His appointment brings strong and experienced leadership to the company, strengthening our governance and our commitment to change.
“David has deep experience of financial services, particularly banking and wealth management, as well as the industry’s regulatory environment through his leadership of the Financial System Inquiry.
“He brings a strong risk mindset and a clear appreciation of community expectations for AMP as well as the wider financial services industry. This is part of the reset that is necessary for the company and I look forward to working with David, the board and management to rebuild public confidence in the company and to restore shareholder value.”
Mr Murray said, “AMP employs almost 6,000 people, many of whom are Australians, serving its customers across wealth management, superannuation, financial advice, life insurance, asset management and banking.”
Congratulations on Mr Murray being named the new head of the Financial Planning Association of Australia. Looking forward to seeing how he’ll shape & influence advice in Australia especially on behalf of all FPA members.
How any of these bank ‘executives’ can justify a pay packet of more than, say, (let’s be generous) $500K p.a is beyond me. Therese creatures that are ‘awarded’ millions each year or TENS of millions in America(!) are so far out of reality they may as well be with Elon Musk on his test flights to Mars. It isn’t as if they’re out there really helping and protecting people like a financial planner of life adviser. The structures are in place at the banks – a new exec pulling in millions simply sits there and stirs the pot a bit more and keeps the seat warm for the next parasite. Oh, and corrupts the culture while he’s there. Nice stuff. They should be ridiculed in public, sacked and have their pay taken. They’re sitting in their office all day just raking it in and causing short term-ism issues in their bank-home of choice for the quarter.
Great article – spot on. Murray started the rot, set in place the “culture” that has been shown to be at fault and is now somehow seen as the “saviour”. Absurd.
Well it’s not what you did when you were the boss of CBA but who knows and can prove what you did
They couldn’t have picked a better candidate?
It’s almost like they want more negative press
Strange given that Murray was at the CBA when all there bad culture was festering!!
All the messiah of vertical integration swooping in to try to win one for the bad guys.
Jobs for the boys they say…
At last a new home for Emmanuel….
Nah, I reckon Arj Barker is a shoe in here for the top job!