AMP delays CFO transition until end of life sale

It said in an announcement to the ASX that group chief financial officer Gordon Lefevre has agreed to remain in his role “to ensure an orderly transition and continuity of leadership of the Resolution Life transaction”.

In May, AMP revealed it was transitioning the group CFO role from Mr Lefevre to John Patrick Moorhead. It said Mr Moorhead will now start as group CFO on 1 October.

“As indicated at the AMP 2019 AGM, the separation is difficult and complex. AMP continues to deal with multiple regulators in different jurisdictions and with other challenging processes to achieve the conditions precedent for the transaction,” AMP said.

“In some instances, these regulatory requirements have changed since the transaction was agreed. However, we continue to work towards completion of the sale by the end of the third quarter of this year.”

AMP said in January that the sale of its life insurance business to Resolution Life remains on track to complete in the second half of 2019.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

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