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Wallis goes early as AMP chairman
By Geoff Hiscock
SYDNEY, Australia (CNN) -- Stock in embattled life insurer and fund manager AMP closed at a record low Tuesday after it reshuffled its board and announced chairman Stan Wallis would leave earlier than planned. AMP shares finished 2.34 percent lower at A$7.92, compared with a 2 percent fall for the broader Australian market. The stock has now lost more than 29 percent this year and is less than half the one-year high of A$19.76 seen last March. AMP is expected to post a net loss of up to A$1 billion ($600 million) when it reports its full-year results on Wednesday. The company, Australia's largest fund manager and life insurer, has been rocked by the global equity slump, forcing it to cut jobs in Australia and the United Kingdom, and to write down its asset values. The company's former CEO, Paul Batchelor, resigned in September to take responsibility for the slide in its share price. (Full story) He was replaced by Andrew Mohl, who immediately began a massive overhaul of the company. Early in December, Mohl said AMP would slash another 1,900 job from its troubled U.K. operations as part of a wide-ranging restructure designed to turn around its performance. (Full story) Job lossesThose job losses were in addition to 1,500 job cuts announced last June and 1,200 in November. Wallis, who had already announced he would retire this year, will be replaced on Wednesday by current deputy chairman Peter Willcox. Wallis said at the time of Willcox's appointment as deputy chairman two months ago that he would not retire until mid-2003. But on Tuesday he said he now believed it was in the best interests of the company for Willcox to take over as chairman immediately. Another director, Patricia Cross, will also retire Wednesday and three others, Sir Malcolm Bates, Paul Mazoudier and Ian Renard, will retire within six months. AMP also confirmed Tuesday that it was in dispute with former CEO Batchelor over his payout. It said negotiations are continuing.
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