AMP has named former investment banker Catherine Brenner as the new chair of its board.
Mr Palmer said the board’s support for Ms Brenner’s appointment was unanimous.
Ms Brenner said she was "honoured" to take on the role, adding that the board is likely to expand in the future.
“We have a highly skilled board but expect to make additional appointments to further strengthen our collective background, perspective, and experience,” she said.
Ms Brenner also holds board appointments with Sydney Opera House Trust, Coca-Cola Amatil and Boral, and was previously managing director of ABN AMRO.
AMP’s previous chair, Simon McKeon, retired in April, citing a “change in [his] circumstances” as the reason for his departure.