AMP adds legal expert to board

AMP is welcoming a legal and regulatory expert to its board in an effort to rebuild the company.

John O'Sullivan joins AMP as a non-executive director effective 20 June 2018.

He was a partner at Freehill Hollingdale & Page (now Herbert Smith Freehills) before moving to financial services. His experience spans legal and regulatory risk, mergers and acquisitions and capital markets.

From 2003 to 2008, O'Sullivan was general counsel at Commonwealth Bank before spending 10 years at Credit Suisse Australia where he was the local executive chair of investment banking and capital markets until February 2018.

Chair Catherine Brenner's resignation triggered a number of changes to AMP's board following its appearance at the Royal Commission. Financial System Inquiry overseer and former CBA chief executive David Murray replaces Brenner in July.

Three directors, Patty Akopiantz, Vanessa Wallace and Holly Kramer recently resigned from the AMP board. Akopiantz will stay on until the end of 2018.

Wallace, who also served on AMP Capital's board, will be replaced by John Nesbitt, a former chief executive of Suncorp Bank.

AMP Capital also appointed Debra Hazelton as a non-executive director; who was most recently senior adviser for global talent development at Mizuho Financial Group.

O'Sullivan will join remaining AMP independent directors Geoff Roberts, Peter Varghese, Andrew Harmos and Trevor Matthews; and interim executive chair Mike Wilkins on the AMP board.

Wilkins said O'Sullivan's appointment is "part of the reset that is necessary to rebuild AMP as a stronger organisation." O'Sullivan is tasked with leading the board around regulatory and legal matters.

"John has significant financial services and governance experience and has, at the highest level, determined and implemented strategy, driven financial, operational and key people decisions and led legal and regulatory risk functions," Wilkins added.

Read more: AMPAMP CapitalAndrew HarmosCatherine BrennerCBACommonwealth BankCredit Suisse AustraliaDavid MurrayDebra HazeltonFinancial System InquiryGeoff RobertsHerbert Smith FreehillsHolly KramerJohn NesbittJohn O'SullivanMike WilkinsMizuho Financial GroupPatty AkopiantzPeter VargheseRoyal CommissionSuncorpTrevor MatthewsVanessa Wallace
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