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Financial services group AMP Limited has announced that it has appointed its chief financial officer, Blair Vernon, as group chief executive officer,
The new CEO will take over from current CEO Alexis George in March, and will assist with handover and ongoing support to Vernon in the interim.
Under his contract, Mr Vernon will receive a fixed salary of $1.4 million, with short- and long-term incentive opportunities linked to performance.
A search for a new CFO is now underway.
Vernon, who has more than 30 years’ experience across financial services in Australia and New Zealand, has been AMP’s group CFO since July 2023 and previously held senior leadership roles across wealth, advice, banking and transformation within the group. He was also acting CEO of AMP Australia between 2020 and 2021.
The board said Vernon’s appointment followed a “rigorous” internal and external search process and would ensure a seamless leadership transition as AMP continues to execute its strategy.
AMP chair Mike Hirst said the board was “unequivocal” in its view that Vernon had the breadth of experience and capability to lead AMP forward, pointing to his role in tightening financial management, steering capital returns and executing major divestments.
“After a rigorous search and selection process, the board was unequivocal in its view that Blair brings the right breadth of experience and capability to lead AMP in its next phase of growth as CEO. He is keen to deliver strong performance for our stakeholders and has played a key role in improving our position in the financial services industry.
“Blair has built confidence by tightening financial management, steering our capital return program and successfully executing both the AMP Capital separation and the AMP Advice sale and partnership. The Board congratulates Blair on his appointment and looks forward to working with him and our excellent leadership team to build on the positive momentum within the business.”
The incoming CEO said: “It’s a privilege to take on the leadership of AMP, a company with a proud legacy of serving the financial needs of Australians and New Zealanders. AMP is delivering against its strategy, and I look forward to continuing to work with my colleagues in executing our strategic ambitions and delivering positive outcomes to customers, shareholders, communities and colleagues.
Both Vernon and Hirst thanked the outgoing CEO for her service.
Vernon said: "I want to thank Alexis for her incredible contribution to AMP and all its stakeholders, and for her support over so many years. I wish her well for the future and look forward to continuing to work with her during our transition.”
Meanwhile, Hirst thanked George for guiding the group through a significant period of transformation since taking on the role in August 2021, including streamlining the organisation, sharpening its strategic focus and overseeing the sale of AMP Capital and the advice business.
“Alexis stabilised the business, built a strong executive team and advanced initiatives that will underpin the next phase of growth,” Hirst said.
A search process will now begin for a new chief financial officer.
The change in leadership comes as AMP launches a "new chapter" in its journey, which was commenced under George.
Over her tenure as CEO, the group has been on a digital transformation - launching a new digital bank, AMP GO, and a new broker portal and lodgement offering.
The broker platform, which was officially launched last year, came after an 18-month development and pilot phase and was developed to dramatically speed up home loan processing.
Built in consultation with brokers, the platform features near-instant loan document issuance (typically within 90 seconds), pre-submission income and expense verification, integraetd digital ID checks, real-time credit decisioning, integrated property data, and single-file ownership, which AMP says is an industry first.
Developed through partnerships with Simpology, MSA National, Fortiro, Equifax and Cotality, the system aims to deliver faster, more accurate and more transparent outcomes for brokers and customers.
Speaking to Broker Daily last year, AMP said broker feedback from a 50-broker pilot was critical in refining the technology and shaping broader policy enhancements.
[Related: New AMP chair appointed]
