Sharechat Logo

AMP CEO Batchelor steps down as share price slumps further

By NZPA

Tuesday 24th September 2002

Text too small?
Australian financial services giant AMP Ltd said today chief executive Paul Batchelor has stepped down from his position.

The company said chief operating officer for financial services at AMP Andrew Mohl, will replace Mr Batchelor as acting CEO.

AMP chairman Stan Wallis said he will oversee the appointment of a permanent chief executive and then continue as chairman for an additional six months.

A board nominating committee headed by Malcolm Bates will then co-ordinate the appointment of a new chairman. In New Zealand, AMP's share price fell 3.5 percent, 47c to a new low of $12.85 after the London stock market fell 3.1 percent, raising new fears that AMP would have to put more capital into its troubled UK Pearl operation.

"On behalf of the board, I want to thank Paul for his contribution to the company and we wish him all the best for the future," Mr Wallis said.

On the replacement chief executive, Mr Wallis said Mr Mohl had been with the company since 1996 and has managed the Australian and New Zealand operations of both its financial services and asset management businesses.

"The board has every confidence based on his track record in Andrew Mohl's ability to lead AMP at this challenging period in AMP's history," he said.

The AMP board will conduct an international search for the new chief executive on a permanent basis with both internal and external candidates to be considered.

Paul Learning, AMP's current corporate finance director will shortly take on the role of acting chief financial officer and will focus on completing the placement of AMP's reset preferred securities, expected to be issued by the end of October.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

AMP 1H earnings creep ahead of forecast, appoints Craig Meller as CEO from next year
NZ sharemarket to unleash demand for an extra $2 billion from investors, says AMP
AMP Capital NZ cut costs in 2011, parent may ask for more
AMP Financial Services suffers 1Q cash outflow, NZ shines
AMP NZ Office 1H profit falls 28.2%
AMP Financial Services NZ's earnings fall
Daily ShareChat: AMP
AMP granted clearance to buy AXA
Stocks to watch: Good news start for AMP
AMP still interested in AXA despite rejection