By Robb M. Stewart

MELBOURNE, Australia--Wealth-manager AMP Ltd. (AMP.AU) has turned to a seasoned banker to take over as chairman, hiring former Commonwealth Bank of Australia chief executive David Murray.

More recently, Mr. Murray led a sweeping inquiry into Australia's financial system, which reported to the federal government at the end of 2014.

AMP in a statement Friday said Mr. Murray would join the board as nonexecutive chairman after the upcoming annual shareholders' meeting, due by July 1.

At that time current executive Chairman Mike Wilkins will return to his role as acting chief executive. Mr. Wilkins took up the chairman post after the resignation Monday of Catherine Brenner, which followed on the heels just over a week earlier of CEO Craig Meller following revelations it misled a regulator over fees charged to customers for advice it failed to deliver.

"David has deep experience of financial services, particularly banking and wealth management, as well as the industry's regulatory environment through his leadership of the Financial System Inquiry," Mr. Wilkins said of the incoming chairman. "He brings a strong risk mindset and a clear appreciation of community expectations for AMP as well as the wider financial-services industry."

Mr. Murray was CEO of Commonwealth Bank from 1992-2005 and served as inaugural chairman of Australian Future Fund, the country's sovereign wealth fund, from 2006-2012.

-Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 04, 2018 01:46 ET (05:46 GMT)

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