AMP CEO on Integrating AI and Leading Transformation
Alexis George, CEO of AMP, discussed her experience leading the legacy financial institution through a period of disruption. She emphasized framing AI as a tool to reinvent work and improve customer experience, not simply to eliminate jobs. George credited her board's engagement with emerging technology and its insistence on clear risk frameworks for enabling the company to pursue more ambitious change.
Alexis George's tenure as CEO began in August 2021, inheriting a company reeling from the Hayne Royal Commission which exposed systemic misconduct, including charging fees for no service and misleading regulators. This resulted in a trashed brand, significant cash outflows, and multiple shareholder class actions, one of which was settled for $110 million. Under George's leadership, AMP has undergone a radical simplification, divesting from its life insurance, asset management (AMP Capital), and financial advice businesses to refocus on its core strengths: wealth management and banking in Australia and New Zealand. This included the sale of its remaining stake in Resolution Life Australasia and the multi-stage sale of AMP Capital. The "new AMP" strategy centers on growing its flagship North platform for independent financial advisers, expanding AMP Bank through digital investment, and establishing a stronger position in the retirement market. The company is also exploring direct-to-consumer solutions and partnerships with fintech companies to drive growth. Despite a statutory net profit after tax drop of 11.3% in FY25 to $133 million, largely due to litigation and simplification costs, the company's underlying NPAT grew 20.8% to $285 million. Total assets under management rose 9% to $161.7 billion, and the North platform saw net cash flows increase to $5.1 billion. The company is now focused on organic growth, though it remains open to inorganic opportunities. A key part of its tech strategy involves a multi-year marketing platform transformation to unify digital experiences and improve campaign efficiency. In January 2026, AMP announced that Alexis George would retire, with CFO Blair Vernon taking over as CEO in March 2026. George is credited with stabilizing the business, advancing its transformation, and restoring its reputation. Investors reacted negatively to the FY25 results and leadership change, with AMP's share price falling sharply. The market's concerns reportedly included weaker-than-expected margins and a total dividend of just 4 cents per share.
