The chairman of AMP has called it quits and announced his intention to retire from the board in May, after fulfilling the role for more than eight years.
Peter Mason also recently revealed plans to step down as chairman for retail giant David Jones, following pressure from unhappy shareholders after accusations of inappropriate share trading among two of the directors, and a proposed merger with Myer, the Sydney Morning Herald
At AMP he will be replaced by Former Macquarie Group executive, Simon McKeon, who joined the AMP board last year.
McKeon is also the chairman of the Federal Government’s science and research body CSIRO, and he holds a number of not-for-profit directorships.
Mason is not the only one to exit AMP: director Rick Allert will also retire at the upcoming annual meeting having reached the end of his three year term.
In a media statement, the board of AMP acknowledged Mason’s role in negotiations that led to the acquisition of AXA Asia Pacific Holding Limited and saw AMP emerge as Australia’s biggest life insurer and non-bank fund manager.
“The new AMP has significant scale and capacity, market leading products and platforms, is number on in key market segments, has an expanded financial planner footprint, and is well positioned for growth,” said Mason. “It has been a great privilege to be the chairman of AMP Limited, a company with a long and proud heritage that continues to make a real difference to people’s lives.”