Former CBA CEO to join AMP as new Chair

AMP Limited has announced that former Commonwealth Bank CEO, David Murray, will join the organisation as independent chair following AMP's annual general meeting, on or before July 1.

Murray will succeed Catherine Brenner, who stepped down from the board last week following revelations by the banking royal commission of misconduct in AMP's advice business.

Murray served as CEO of the Commonwealth Bank from 1992 to 2005 and as the inaugural chair of the Australian Future Fund from 2006 to 2012.

According to a statement from AMP, Murray will lead the redevelopment of governance processes at AMP, including a process of considered board renewal and the appointment of an additional non-executive director.

He will also work with current acting CEO and acting executive chair, Mike Wilkins, in leading the search process for a new CEO.

Commenting on Murray's appointment, Wilkins said: "[Murray] brings strong and experienced leadership to the company, strengthening our governance and our commitment to change."

"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."

Murray added: "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."

Update 21 JUNE 2018 - A spokesperson for AMP has confirmed that David Murray has commenced as chair of AMP Limited and that Mike Wilkins, AMP's interim executive chairman, will return to the role of acting chief executive officer.