New appointment could see AMP acting chief stick around

Blair Vernon, who stepped into the role of acting chief executive of AMP Australia after the ignominious departure of Alex Wade, has now been appointed to the board of the FSC, which hailed his “ability to create sustainable value for all financial services stakeholders” through “creative thinking” and “strategic insight”.

“Blair has demonstrated strong governance experience across a range of companies and circumstances and these skills are highly regarded by the FSC board,” said FSC chairman Geoff Lloyd.

Mr Vernon is an AMP loyalist, joining the wealth giant’s New Zealand arm in 2009 as general manager for marketing and distribution, and rising to the rank of CEO before taking the wheel at AMP Australia.

The new appointment will likely lead to questions about the temporary nature of his role at AMP. Westpac CEO Peter King was elevated to his position as a result of the COVID-19 crisis after serving in the “acting” role following the departure of Brian Hartzer, and it seems likely that AMP – which is trying to execute sweeping cultural change while navigating a seismic shift in the Australian wealth market – will do the same.