AMP (ASX:AMP) has provided the market with an update on the timing of transition from current Group CFO Gordon Lefevre to John Patrick (JP) Moorhead announced 2 May 2019.
Mr Lefevre has agreed to remain as Group CFO through the 1H19 results and to continue to drive the sale of AMP's life insurance Division to Resolution Life.
AMP says the separation is difficult and complex as the bank continues to deal with multiple regulators in different jurisdictions and with other challenging processes to achieve the conditions precedent for the transaction.
AMP is working towards completion of the Resolution sale by the end of the third quarter of this year.
During the transition period, Mr Moorhead will assist the CEO with the completion of AMP’s strategic plan. Mr Moorhead will now commence as Group CFO on 1 October 2019.
Shares in AMP (ASX:AMP) are trading 0.23 per cent lower at $2.17.