The beleaguered company turns to a 40-year industry vet to boost the board's financial services experience
The beleaguered financial group announced on Friday that Hirst would join the board as a non-executive director on July 1, The Australian reported. The company cited Hirst’s 40-plus years of experience in senior management and board roles and said he was a “respected business leader.”
“As the CEO of Bendigo and Adelaide Bank, Mike led and grew the business in a highly challenging and competitive environment with a clear focus on people and clients,” AMP chair Debra Hazelton said. “His detailed knowledge of Australia’s retail banking and wealth environment, as well as his broad sector experience as a non-executive director including innovative fintech startups and across government, will be invaluable.”
Hirst is currently a board member at investment company AMCIL and private health insurer GMHBA, and serves as chairman of Butn, a fintech company that focuses on small businesses, according to The Australian. He served as CEO of Bendigo and Adelaide Bank from 2009 to 2018.
AMP’s board has weathered rough seas over the past year, including the ouster of former chairman David Murray and board member John Fraser. Those departures were related to the promotion of executive Boe Pahari to run AMP Capital last year, which caused outrage when details of a prior sexual harassment incident came to light, The Australian reported. The outcry led to Pahari’s demotion and the exits of Murray and Fraser.
AMP’s CEO, Francesco De Ferrari, was ousted from the troubled company in April and replaced by former ANZ deputy CEO Alexis George. The company has also weathered the collapse of a takeover bid by US firm Ares Management.
Read next: AMP set to axe 20% of its staff
Last month, the Australian Securities and Investments Commission filed charges against the company for allegedly charging fees to dead customers. It has also been reported that AMP is looking to sack 20% of its workforce in an effort to streamline operations.
AMP reportedly now plans to spin off its private markets business, and has appointed former State Street Global Advisors exec Shawn Johnson to run its marquee division, The Australian reported.