A long-serving company director and public servant will step down from AMP's board in May.
Peter Shergold, who became an AMP director in 2008, held multiple positions including chair of the risk committee and non-executive director of both AMP Life and AMP Bank.
Shergold is the current chancellor of Western Sydney University and has had an extensive career in public service, having been the chief executive of the Aboriginal and Torres Strait Islander Commission, commissioner of the Australian Public Service and secretary of the Department of the Prime Minister and Cabinet.
AMP chair Catherine Brenner said Shergold "has made a significant contribution to AMP over the past decade across our boards, bringing considerable insight and acumen. We have benefited greatly from his expertise and wish him all the best for the future."
Shergold's retirement was announced at the same time as AMP's 2016 annual report, which reiterated the challenging conditions facing the company as reflected in the results released in February.
AMP reported a net loss of $344 million attributable to shareholders, which Brenner described as unsatisfactory and said "a significant factor ... was the underperformance of our insurance business, driven by extremely challenging operating conditions in the insurance sector."