AMP (ASX:AMP) appoints new chief executive for capital management arm

Company News

by Michael Luu

Financial services giant AMP (ASX:AMP) has found a new chief executive to lead the group’s capital management division, as former State Street Global Advisors chairman Shawn Johnson is set to take the helm at AMP Capital.

The immediate task at hand for the new chief executive is the execution of the division’s proposed demerger from the parent group to become a separate entity, following a perplexing failed takeover attempt by US investment behemoth Ares.

AMP chair Debra Hazleton justified the recruitment, “as AMP Capital separates from AMP and establishes a new culture and brand, Shawn has clearly demonstrated his capability to lead and inspire teams of highly capable investment professionals”.

Shawn Johnson’s initial assignments involve refreshing, restructuring and rebranding the business for a separate listing on the ASX in the first half of FY22.

Mr. Johnson responded to the “exciting challenge”, “I look forward to working alongside our talented teams, meeting our key clients, and moving our business forward.”

His predecessor Boe Pahari received a promotion to take over leadership at AMP Capital, despite being involved in a workplace sexual harassment scandal.

This resulted in a huge backlash from investors, ousting several board members including Chairman David Murray and John Fraser. The investor revolt prompted Mr. Pahari to step down and announced his decision to follow the high-ranking officers to the exit door.

Shares in AMP (ASX:AMP) are trading 0.14 per cent higher at $1.21