Former Sunsuper chief Scott Hartley to head AMP Australia

Former Sunsuper chief Scott Hartley will fill the space left by Alex Wade’s abrupt departure from AMP in August.

Mr Hartley’s appointment follows an annus horribilis at AMP. Hollie Adams/The Australian

AMP has recruited former Sunsuper boss Scott Hartley to run its AMP Australia division after the abrupt departure of previous incumbent Alex Wade last August.

The arrival of Mr Hartley at the troubled group next month means Blair Vernon, who is acting in the role, will return to his old position as chief executive of AMP’s wealth management business in New Zealand, as flagged.

Mr Hartley will report to AMP chief executive Francesco De Ferrari and lead the continuing transformation of AMP Australia’s financial advice, superannuation, platforms and AMP Bank businesses.

Mr De Ferrari said his new recruit had a strong track record in transforming and growing wealth and investment businesses in Australia.

“At Sunsuper he developed a collaborative and inclusive culture that drove the outstanding performance of the organisation,” he said. “Scott will build on the high-quality work that Blair Vernon has performed in his four months as acting CEO.

“Blair stepped into the role at short notice and has been decisive in keeping our transformation activity moving and managing the legacy issues of the business.”

AMP has been in turmoil in recent years, starting with the 2018 departure of chairwoman Catherine Brenner and chief executive Craig Meller after allegations in the financial services royal commission that the company had misled the Australian Securities & Investments Commission.

Ms Brenner’s successor, David Murray, resigned last August after Boe Pahari, who had been penalised financially after a harassment incident several years before, was promoted to lead AMP Capital.

The move was strongly opposed by influential investors.

Not long after, Mr Wade, who had joined AMP in January last year, also departed after conduct issues, including allegations he had sent inappropriate photos to a woman.

In the meantime, new chairwoman Debra Hazelton has launched a portfolio review of the company, with a takeover, potential break-up or asset sales considered likely to emerge from the process.

AMP said in a statement that Mr Hartley brought with him the experience of leading Sunsuper’s culture, technology, investment and multichannel growth capabilities. After leading the industry fund from 2014 to 2019, it has increased its market share to become the nation’s fourth largest superannuation and retirement business with 1.4 million members and $70bn in assets under management.

The business enjoyed strong organic growth supplemented by successful mergers with Kinetic Super ($4bn in assets under management and 250,000 members) and Austsafe Super ($2.7bn in assets and 100,000 members).

Mr Hartley said he was excited to be joining AMP at a pivotal time for the company.