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AMP chairman resigns after criticism of board

Published: in 🇦🇺🦘Australian News🇦🇺🦘 by .

AMP chairman David Murray has resigned and AMP Capital chief executive Boe Pahari has stood down from the troubled financial services giant.

AMP chairman David Murray has resigned and AMP Capital chief executive Boe Pahari has stood down from the troubled financial services giant.

The company has been hit by sexual harassment complaints affecting senior managers, with allegations the company and its board of directors failed to handle them appropriately.

Debra Hazelton has been appointed as chairman of AMP Limited, effective immediately.

AMP director and former treasury secretary, John Fraser, has also resigned due to Mr Murray's departure.

READ MORE: AMP slugged with $5 million fine

The company said AMP Limited chief executive Francesco De Ferrari will assume leadership of the AMP Capital business on an interim basis while a recruitment process for a new AMP Capital chief executive begins.

Mr Pahari will return to his previous role within AMP Capital's infrastructure equity business.

He had been promoted to the senior role in the business division despite a previous sexual harassment allegation against him.

"These changes respond to feedback expressed by some major shareholders regarding the appointment of Mr Pahari as AMP Capital CEO on 1 July 2020," AMP said in a statement.

Mr Murray said he and the rest of the board had always treated the harassment complaint against Mr Pahari seriously.

"My view remains that it was dealt with appropriately in 2017 and Mr Pahari was penalised accordingly," he said.

Ms Hazelton has been on the board since June 2019 and has more than 30 years' experience in the financial services sector.

Source: 9News https://www.9news.com.au/national/amp-chairman-david-murray-resigns-after-criticism-of-board-finance-news/1dc36b50-2386-4477-908e-cb27517a2fc2

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