Dec 11 (Reuters) - Embattled Australian wealth manager AMP Ltd AMP.AX on Friday appointed Scott Hartley as the chief executive officer of its domestic wealth management business, after the sudden departure of its previous boss in August.
Hartley, previously the CEO at Australian pension fund Sunsuper, will take over the reins of AMP Australia on Jan. 11, 2021, replacing Blair Vernon who held the position on an interim basis, AMP said in a statement.
Vernon will return to his previous role as the CEO of AMP's New Zealand wealth management business, as planned.
Hartley is taking charge at a time when AMP is struggling to repair its reputation damaged by a string of scandals and grappling with coronavirus-induced market turmoil, which has hit its cash inflows and led it to consider a potential sale or break-up of its business. will be tasked with the transformation of the large unit, which consists of the group's financial advice, superannuation and AMP Bank operations.
In August, AMP Australia CEO Alex Wade stepped down from the role with immediate effect and left the company, with AMP giving no reason for his departure. the weeks after, AMP's chairman resigned and the head of its funds management unit was demoted, following media and shareholder pressure over concerns about alleged inappropriate conduct by the latter. is currently in talks with Ares Management Corp ARES.N for a potential A$6.36 billion ($4.47 billion) buyout deal by the U.S. company.