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AMP CFO exit postponed

AMP CFO exit postponed

— 1 minute read

AMP has delayed its chief financial officer’s departure, with the sale of its life insurance business taking longer than expected.

John Patrick Moorhead

Group chief financial officer Gordon Lefevre stepped down from his role in May and will now be remaining through the bank’s first half result, driving the Resolution Life transaction.

Successor John Patrick Moorhead will now be commencing in the role from 1 October, originally having been slotted to take over from Mr Lefevre on 1 June.

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AMP called the Resolution separation “difficult and complex.”

“AMP continues to deal with multiple regulators in different jurisdictions and with other challenging processes to achieve the conditions precedent for the transaction,” the bank said.

“In some instances, these regulatory requirements have changed since the transaction was agreed.

“However, we continue to work towards completion of the sale by the end of the third quarter of this year.”

The bank said Mr Moorhead, who is currently CFO and chief operating officer of AMP Capital, will assist its chief executive with its strategic plan.

 

 

AMP CFO exit postponed
John Patrick Moorhead
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.

You can contact her on [email protected].

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