The wealth giant has confirmed that non-executive director John O’Sullivan will step down from the board effective 8 April 2022.
According to AMP, Mr O’Sullivan – who has served on the board since June 2018 – will step down to assist with the launch of a proposed Australian Real Estate Investment Trust alongside Cromwell Property Group.
Mr O’Sullivan is expected to be announced as the inaugural chairman of the trust should the launch be successful.
“John (JOS) has brought deep insight and strong expertise to the board as we have progressed the complex transformation of AMP,” AMP Limited chair Debra Hazelton said.
“I would like to take this opportunity, on behalf of the board, to thank him for his commitment and invaluable contribution to AMP and wish him continued success.”
The news comes after AMP announced the completion of the sale of its global equities and fixed income (GEFI) business to Macquarie Asset Management earlier this week.
The sale will see its $47 billion assets under management transferred from AMP Capital to MAM and it will also receive a net completion amount of $63 million in cash from MAM.