Mr Pahari will resume work at his previous level with a focus on AMP Capital’s infrastructure equity business. Francesco De Ferrari will assume direct leadership of the AMP Capital business on an interim basis.
David Murray has resigned as AMP Limited chairman and stepped down from the board. He will be replaced by Debra Hazelton, effective immediately.
“The board has made it clear that it has always treated the complaint against Mr Pahari seriously,” Mr Murray said. “My view remains that it was dealt with appropriately in 2017 and Mr Pahari was penalised accordingly. However, it is clear to me that, although there is considerable support for our strategy, some shareholders did not consider Mr Pahari’s promotion to AMP Capital CEO to be appropriate.”
In light of Mr Murray’s resignation, John Fraser has also decided to resign as a non-executive director on the AMP Limited board and as a chairman and non-executive director on the AMP Capital Holdings Limited board.
“We would like to thank both David and John for their professionalism, dedication and commitment to AMP,” Ms Hazelton said. “Under my leadership, the board will focus on working with Francesco and his leadership team to deliver long term value for our shareholders and clients by executing the transformation strategy.
“I am determined to restore the trust and confidence of our clients, shareholders and employees.”
more chance for a overseas cold call being successful than an AMP adviser.
AMP the most corrupt immoral company in Australia
The Teflon coat with which David Murray has moved from one job to another with no apparent collateral damage seems to have finally worn off.
So does Bahari’s remuneration still stay the same whilst being demoted? Whilst, Advisers loose their homes with a 3 year trade restriction…..
Imagine being an AMP adviser trying to call a prospect.
Sorry, where are you calling from????
Oh I’m from AMP.
I wonder what the customer thinks.
I’ve got a thought…..
I suggest that if you’re an AMP adviser your priority should be to dust off your CV and start reviewing your options.
Perhaps, even leave off your current position and start afresh!
Let the prospect know that you’ll be back in contact with them in a couple of weeks.
Good luck, as it’s not an easy time to be looking for another job!
You forgot something. They always say they are “from THE AMP.” As if there were more than one
“I haven’t heard from you in 10 years”…is the typical response. followed by….”You invested $100,000 for me and what’s the balance today, $100,010….oh”
All about the money for AMP
and AMP advisers.
AMP has been and remains a stack of cards. It will collapse and is starting to…
Surely De Ferrari must be next.
You simply cannot sit there earning monstrous remuneration with the people that appointed you falling over, the share price and public respect at rock bottom, attacking your own loyal advisers without conscience, constantly under attack from the regulator and repetitive and ugly issues of cultural problems with sexual harassment claims.
When does the performance of the CEO come into question ?
Are the board simply just too frightened to make the decision that needs to be made because it will simply just make current problems worse or they would be battling to replace DE Ferrari with anyone to take on the job ?
I will take on the Job , Rod m
They can’t sack Fiat because no one wants the job and the only person still there from prior to the Royal Commission in an important role, whose initials are DA, can’t do the job he did 5 years ago let alone his current role. It’s sad to think that a decent company will be sold off and split up due to the incompetence of management.
What about MP, another one that needs to go and in the similar vein of DA (Royal Commission named and shamed).
What about all the senior people who left AMP Capital after Boe Pahari restructured during his short reign as CEO. Will they all be able to return to their old roles like he did?
Last one out turn off the lights please
AMP’s unravelling continues. Now at a faster pace.
What a mess AMP is in… how will they survive?
See U Next Tuesday’s
What is happening next Tuesday?
He is going to see you!
This should never have happened, Boe should have been sacked when the allegations were proven. Instead AMP tried to cover it up and dodge scrutiny. Alex Wade resigned when he was found out, he should not have had that option.. The culture at AMP is still clearly toxic, more heads still need to roll!
Oh dear
Sportsbet paid out $1.01 for Pahari resigning.
The AMP now truly losing social support. Good things will come from all this, but not for AMP.