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AMP (AMP) - Non-Executive Director, Mike Hirst
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Source: GMHBA
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  • AMP (AMP) returns to a full eight-member board with the appointment of former Bendigo and Adelaide Bank boss Mike Hirst
  • Hirst sits on the boards of AMCIL Limited and GMHBA Limited, and is Chairman of fintech-focused lending business Butn
  • The appointment follows a number of senior executive and board changes to be made over the last few years
  • That includes the recent resignation of CEO Francesco De Ferrari and the subsequent appointment of his replacement Alexis George
  • Shares in AMP are up 3.02 per cent to $1.20 at 2:19 pm AEST

AMP (AMP) has returned to a full eight-member board following the appointment of former Bendigo and Adelaide Bank boss Mike Hirst.

He held the role from 2009 until 2018, and currently sits on the boards of ASX-listed investment firm AMCIL Limited and private health insurer GMHBA Limited, and is Chairman of fintech-focused lending business Butn.

“Mike is a respected business leader who will bring significant breadth of experience and insight to the AMP Board,” AMP Chair Debra Hazelton said.

“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.”

Hirst’s appointment comes as AMP works towards the spin-out of its asset management arm AMP Capital, which will become a stand-alone private markets investment manager, focusing on assets like infrastructure equity, infrastructure debt and real estate.

He’s previously been a strong advocate for levelling the playing field between Australia’s big four banks and smaller lenders, and his experience at Bendigo and Adelaide Bank is thought to be a bonus for AMP as it looks to expand its banking operations.

“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 start-ups and across Government, will be invaluable,” Hazelton continued.

Hirst’s new role is one of several major personnel changes to be made over the last few years, including the recent resignation of CEO Francesco De Ferrari and the subsequent appointment of his replacement Alexis George, who will take up the position on August 2.

Former Chairman David Murray and board member John Fraser also stood down in 2017 following AMP’s handling of a 2017 sexual harassment complaint against AMP Capital executive Boe Pahari.

Shares in AMP are up 3.02 per cent to $1.20 at 2:19 pm AEST.

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