Shake-up at AMP
AMP Australia's chief executive is standing down, leading to changes in New Zealand, too.
Thursday, August 6th 2020, 12:11PM 
3 Comments
AMP told the share market that Alex Wade was stepping down, effective immediately.
He will leave the business.
He will be replaced by Blair Vernon, chief executive of AMP New Zealand Wealth Management, who will be acting chief executive while a process is conducted for a permanent replacement.
Jeff Ruscoe will replace him as acting chief executive in New Zealand.
“We have a strong team in AMP Australia, who have been transforming the business, managing the successful separation of AMP Life, reshaping advice and increasing our focus on clients," said AMP chief executive Francesco De Ferrari.
“I’m pleased we are able to call on an experienced executive in Blair Vernon to lead this team and continue to drive our strategy forward.”
| « Former Newpark CEO joins life company | Fidelity Life adds to board » |
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Comments from our readers
Because that’s been such a wonderful success story so far for AMP in New Zealand. Take a financial services company that been around for 160+ years and a brand that’s automatically recognised by the vast majority of New Zealanders aged 30+. Employ a new management team staffed with ex-bankers who defying all common sense and logic start completely disregarding what competitor insurance companies are offering customers in terms of benefits and policy wordings. Ignore the constant feedback been given by independent advisers warning you that your product no longer stacks up in terms of an advice recommendation. Arrogantly think that consumers will still come to you for cover regardless because you are AMP and that you know best. Despite the obvious fact that advisers are now placing their clients with competitor insurers continue to bury your head in the sand and choose not to innovate your life products. Fast forward to 2020 and surprise surprise you are now no longer a major player in the New Zealand life insurance market despite having had a 160+ year history.
I don’t know what AMP’s strategy for its New Zealand operations has been since 2009 but I’m almost certain it didn’t include AMP Life now been sold in 2020. Great to hear though that AMP will now be increasing their focus on clients.
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