Mr Murray is expected to join the AMP board as chairman between the AMP 2018 annual general meeting on Thursday 10 May and 1 July 2018.
Current executive chairman Mike Wilkins will return to the position of acting chief executive officer on that date.
Mr Murray was the chair of the Financial System Inquiry, which reported to the government in December 2014. He was also the chief executive officer of CBA between 1992 and 2005.
Mr Wilkins said: “We’re delighted to welcome a person of David Murray’s outstanding calibre to the Chairman’s role. His appointment brings strong and experienced leadership to the company, strengthening our governance and our commitment to change.
"David has deep experience of financial services, particularly banking and wealth management, as well as the industry’s regulatory environment through his leadership of the Financial System Inquiry."
"He brings a strong risk mindset and a clear appreciation of community expectations for AMP as well as the wider financial services industry. This is part of the reset that is necessary for the company and I look forward to working with David, the Board and management to rebuild public confidence in the company and to restore shareholder value," he said.
Mr Murray said: "AMP employs almost 6,000 people many of whom are Australians serving its customers across wealth management, superannuation, financial advice, life insurance, asset management and banking."
"It is a significant financial institution and needs to play a role within the Australian financial system which supports the building of trust and confidence in that system in the community. I look forward to working with the Board and executive management to support AMP’s people in achieving that outcome," he said.
"As part of this, I am committed to meaningful board renewal but recognise the process must be measured so as to maintain the stability of AMP in the immediate future. Restoring trust and confidence is not easy and does not happen overnight, but I am confident this can be achieved," Mr Murray said.
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