Wealth management and life insurance giant AMP has restructured the business lines for superannuation and other departments following its latest set of disappointing financial results.
Three senior executives have had their roles made redundant as part of a sweeping organisational restructure announced on Tuesday November 29, 2016.
Pauline Blight-Johnston – who headed up the insurance, super and risk management divisions – was one of those axed. Group executive advice and banking Rob Caprioli and group executive operations Wendy Thorpe have also been made redundant.
The $13.4 billion financial service company’s latest half-yearly underlying profit report fell 10 per cent, from $570 million to $513 million, for the six months ended August 31, 2016.
AMP’s corporate super and product team will now report through Paul Sainsbury.
Sainsbury will head a new division called ‘Wealth Solutions and Customer’ that combines wealth management and product solutions.
AMP chief executive Craig Meller said in a statement the new group structure would “deliver a sharper focus on performance in the core Australian businesses, drive efficiency across the group and provide increased emphasis on the growth drivers in the portfolio”.
Over the past three years, Sainsbury has been responsible for group strategy, customer strategy and experience, brand and marketing, customer segments, business development, digital services, design, innovation and new ventures, and AMP self-managed superannuation teams, as well as a dedicated business transformation team.
Other key changes to the group leadership team are:
- Advice and New Zealand: Jack Regan, currently managing director New Zealand, will lead an expanded portfolio, assuming responsibility for AMP’s advice businesses. Regan will retain responsibility for the management of AMP New Zealand.
- AMP Bank: Sally Bruce will join the group leadership team as group executive, AMP Bank.
- Insurance: Megan Beer will be appointed group executive, insurance, bringing single point accountability to the stabilisation and management of the insurance business.
- Technology and Operations: Craig Ryman will become group executive, technology and operations, assuming an expanded portfolio combining IT and operations.
- Enterprise Risk Management: Saskia Goedhart, chief risk officer, will join the group leadership team.
The leadership changes will take effect January 1, 2017.