AMP CEO Batchelor steps down as share price slumps further

By NZPA

Tuesday 24th September 2002

Australian financial services giant AMP Ltd said today chief executive Paul Batchelor has stepped down from his position.

The company said chief operating officer for financial services at AMP Andrew Mohl, will replace Mr Batchelor as acting CEO.

AMP chairman Stan Wallis said he will oversee the appointment of a permanent chief executive and then continue as chairman for an additional six months.

A board nominating committee headed by Malcolm Bates will then co-ordinate the appointment of a new chairman. In New Zealand, AMP's share price fell 3.5 percent, 47c to a new low of $12.85 after the London stock market fell 3.1 percent, raising new fears that AMP would have to put more capital into its troubled UK Pearl operation.

"On behalf of the board, I want to thank Paul for his contribution to the company and we wish him all the best for the future," Mr Wallis said.

On the replacement chief executive, Mr Wallis said Mr Mohl had been with the company since 1996 and has managed the Australian and New Zealand operations of both its financial services and asset management businesses.

"The board has every confidence based on his track record in Andrew Mohl's ability to lead AMP at this challenging period in AMP's history," he said.

The AMP board will conduct an international search for the new chief executive on a permanent basis with both internal and external candidates to be considered.

Paul Learning, AMP's current corporate finance director will shortly take on the role of acting chief financial officer and will focus on completing the placement of AMP's reset preferred securities, expected to be issued by the end of October.

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