AMP adds ex-Bendigo boss Mike Hirst to board

Naming former Bendigo and Adelaide Bank CEO as director comes as AMP seeks to boost board financial services experience.

Former Bendigo and Adelaide Bank boss Mike Hirst is joining AMP’s board next week. Picture: David Geraghty / The Australian.

AMP has appointed former Bendigo and Adelaide Bank chief Mike Hirst as a non-executive director, as the under-pressure group seeks to lift financial services experience on its board.

In an ASX statement on Friday, AMP said Mr Hirst would join the board as a non-executive director on July 1. It cited his more than 40 years of experience in senior management and board roles and said Mr Hirst was a “respected business leader”.

“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,” AMP chairman Debra Hazelton said.

“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.”

Mr Hirst is currently a board member of ASX-listed investment company AMCIL, private health insurer GMHBA, and is chairman of Butn, an small business-focused fintech company. He was Bendigo and Adelaide Bank CEO from 2009 until 2018, after holding several senior roles at Colonial.

AMP’s board has navigated a period of turmoil over the past 12 months, which saw the departures of former chairman David Murray and board member John Fraser last August.

That related to the promotion of controversial executive Boe Pahari to run AMP Capital last year, which caused investor angst when details of a prior sexual harassment penalty became public. The outrage led to Mr Murray and Mr Fraser’s exit from the board and the demotion of Mr Pahari.

AMP in April appointed ANZ deputy CEO Alexis George as its new group boss, and she starts in August, following the departure of incumbent Francesco De Ferrari.

Ms Hazelton is attempting to revive the 172-year-old wealth and asset management group’s fortunes, after a whole of company takeover bid by US firm Ares Management fell over and was followed by a protracted offer for the capital unit.

AMP has now signalled it is spinning off the private markets businesses - real estate and infrastructure investments - and has appointed former State Street Global Advisors executive Shawn Johnson to run its marquee division.