The new appointments are the first steps in the demerger of the company.
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At the time of writing, shares in the financial institution are trading for $1.112 – up 0.63%. The S&P/ASX 200 Index (ASX: XJO), meanwhile, is down 0.34%.
Let’s take a closer look at today’s news.
Board changes come with rising AMP share price
In a statement to the ASX, AMP says it has appointed Patrick Snowball as Chair designate, as well as Andrew Fay as Deputy Chair designate to the board of AMP’s Private Markets business.
Snowball was the former CEO of Suncorp Group Ltd (ASX: SUN) between 2009 and 2015. He has also held senior roles in many publicly-listed, and privately-held, companies. Fay too has a plethora of experience in corporate management, such as a non-executive director of Spark Infrastructure Group (ASX: SKI).
Investors may be confident in these appointments, at least judging by the rising AMP share price.
“Together Mr Snowball and Mr Fay bring broad international experience of financial services and investment management, including real estate and infrastructure investment. Both have strong knowledge and experience of listed companies, corporate governance, and investor engagement,” AMP said.
This is the first step in the eventual demerger of AMP from its private markets business.
AMP Chair Debra Hazelton said of the new appointments:
Patrick and Andy are respected business leaders who will bring deep experience, market knowledge and integrity to the Board of Private Markets when it lists next year. Both have led significant financial institutions and have the experience of bringing businesses to a share market listing. Patrick has been a CEO of one of Australia’s largest financial services groups and led its transformation, as well as chairing listed companies in the UK. Andy is a highly regarded non-executive director with an impressive track record in investment management, including infrastructure and real estate.
AMP share price snapshot
Over the past 12 months, the AMP share price has dropped by a whopping 20.7%. Year-to-date, it’s down an even worse 28%.
AMP has a market capitalisation of approximately $3.7 billion.
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Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.