AMP has appointed former Credit Suisse Australia chairman John O’Sullivan to its board of directors after the resignations of four board members following revelations aired at the royal commission.
AMP has announced that former Credit Suisse Australia executive chairman for investment banking and capital markets Mr O’Sullivan will step into a non-executive director role on 20 June 2018.
His appointment comes after AMP chief executive Craig Meller, chair Catherine Brenner and general counsel Brian Salter stepped down in April.
A further two AMP directors, Vanessa Wallace and Holly Kramer, pre-emptively resigned ahead of the company’s AGM on 10 May, with long-serving director Patty Akopiantz scheduled to depart at the end of 2018.
The three resigned or resigning board members represent the only remaining women on AMP’s board.
As a non-executive board director, Mr O’Sullivan will take up one of the already vacated positions.
With the announcement of David Murray as AMP’s new chairman, this currently leaves Ms Akopiantz as the only woman remaining on the company’s eight-member board.
AMP is yet to appoint a new chief executive, and non-executive board director Mike Wilkins is acting as interim chief executive in the meantime.
Bringing almost four decades’ worth of experience in the legal and financial services industry to the new role, Mr O’Sullivan began his career at law firm Herbert Smith Freehills (formerly Freehill Hollingdale & Page), where he eventually became a partner.
From 2003, he then stepped into the role of general counsel at the Commonwealth Bank of Australia for five years and then joined Credit Suisse Australia as executive chairman for investment banking and capital markets, a role he held for 10 years until February this year.
In September last year, Mr O’Sullivan was tipped to be the new chairman of ASIC, but shadow treasurer Chris Bowen argued that he was too “partisan” for the role and said the federal opposition would oppose the appointment.
Commenting on the appointment, Mr Wilkins said the board was pleased to welcome Mr O'Sullivan.
“We’re committed to board renewal and John’s appointment is part of the reset that is necessary to rebuild AMP as a stronger organisation."
Mr O'Sullivan will take the lead in board committee work on regulatory and legal matters, Mr Wilkins added.
“John has significant financial services and governance experience and has, at the highest level, determined and implemented strategy, driven financial, operational and key people decisions and led legal and regulatory risk functions.
“We continue to work towards appointing further non-executive directors as we strengthen and renew the AMP Limited board.”