Boe Pahari steps down, Murray to exit AMP

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.”