Forum Archive Index - April 2000

[Mac Adelaide <macadelaide@hotmail.com>]

AMP loses chairman and four directors
There has been a dramatic development at the beleaguered financial services
group, AMP.
AMP's chairman Ian Burgess and four directors have resigned, following a
board meeting this evening.
Mr Burgess and his board have come under fire for their roles in the
ill-fated takeover of GIO.
The insurer bequeathed to AMP huge losses, emanating from massive claims on
its reinsurance division.
In recent months, some fund managers have been calling for Mr Burgess's
head.
Tonight at a board meeting, the company accepted the immediate resignations
of Mr Burgess, and four directors: Professor Adrienne Clarke, Tim Crammond,
Bruce Kean and Kerry Roberts.
Another board member, Stan Wallis, is to act as chairman for a six-month
transition period. 
He says he fully supports the chief executive, Paul Batchelor.
Explaining the resignations, Mr Burgess says they have come to the view that
change in the board's composition is necessary.


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