AMP is rare among ASX 200 entities, having had both a female CEO and female chair in place since 2021, when Alexis George was appointed CEO.

Both Hazelton and George led AMP in the fallout from the banking royal commission, as well as through issues that plagued its AMP Capital arm. They also came to the helm just three years after AMP’s once gender-equal board became all-male, when three female board members stepped down at the same time following investor scrutiny and shareholder pressure.

AMP announced Hazelton’s retirement this morning, with former CEO of Bendigo and Adelaide Bank Mike Hirst appointed as her replacement.

Hazelton took the lead on the board after former chair David Murray stepped down in 2020 following pressure on the board over its decision to appoint Boe Pahari as AMP Capital CEO, despite knowing he’d been ordered to pay a financial penalty for sexually harassing a subordinate.

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Alexis will take the Chief Executive Officer role at a difficult time for the company, given the issues that have plagued its AMP Capital arm, and following the fallout from the banking royal commission.

The all female leadership team is particularly noteworthy at AMP, given it was just three years ago that AMP’s once gender-equal board became all-male — with female board directors stepping down following investor scrutiny and shareholder pressure. At the time of AMP announcing these female director departures, the board said it was seeking “meaningful change”.

Current CEO Francesco De Ferrari will leave after just two years in the role — including taking on the additional role of overseeing AMP capital following the demotion of Boe Pahari over sexual harassment.

Alexis’ appointment was announced by AMP chair Debra Hazelton, who took the lead on the board after former chair David Murray stepped down in the wake of employee and investor pressure against the board following their approval of Pahari to lead AMP Capital, despite knowing he’d been ordered to pay a financial penalty for sexually harassing a subordinate.

On accepting the board position back in August, Hazelton noted her commitement to regaining “trust and confidence of our clients, shareholders and employees.” She’s been on the AMP board since 2019.

The appointment of Alexis George means there will soon be eleven women leading ASX 200 companies, and at a time when female CEO appointments are still rare. A late 2020 report from Chief Executive Women found that of the 50 CEO appointments to ASX 200 entities over the past two years, just three of them went to women.

Alexis is currently the deputy chief executive of ANZ, a position she’s held since mid-2018, which has included overseeing the bank’s wealth divestment program, including sales of major businesses. She’s expected to start in the third quarter of this year.

“In Alexis George, we have a great leader and strong fit for the future of our company,” Hazelton said in AMP’s statement today.

“On any measure, she has outstanding industry experience in wealth management and banking, and is committed to continue the transformation of AMP’s business, and importantly, our organisation’s culture. Alexis will work with our executive team to complete and build on the strategic initiatives started under Francesco’s leadership and take AMP forward to its next phase of growth.”

Alexis has more than 25 years experience in the financial services industry in Australia and overseas, including seven years with ANZ.

She was previously at ING Group for ten years, taking on a number of senior positions including CEO posts in the Czech Republic and Slovakia, and regional COO Asia responsible for product marketing, technology and operations.

AMP shared comprehensive details on Alexis’ CEO contract and pay, including that she will be paid $1.715 million per annum including superannuation. She will receive significant performance incentives as well as sign-on awards.

De Ferrari will step down at the beginning of July.

“Leading AMP, a business that is part of the fabric of Australia and New Zealand, is a privilege. I wish Alexis and AMP only the best and you can count on me to continue cheering for its success from the sidelines,” the outgoing CEO said in a statement.

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Senator O’Neill made the speech after the was approached by the whistleblower and given permission to share her story. The whistleblower remains anonymous, but O’Neill said she’s a “young woman who deserves a medal for bravery and resilience.”

“AMP tried to silence her,” O’Neill said prior to reading the statement. “Tonight I use my platform as a female Labor Senator to give her words a public voice.”

She also used the speech to urge corporate Australia to do better on responding to sexual harassment allegations. And she described the story she read as being like so many others that have been shared with her by men and women in the financial services sector.

“It has to stop,” she said. “This cannot continue. Australia is better than this. Come on corporate Australia, surely you can destroy the cultural stain on our nation.”

O’Neill read the former AMP employee’s statement detailing how over the past eight weeks she has relived her experiences of sexual harassment “with utter dismay that I see the AMP system remains as it ever was.”

Back in early July media reports emerged regarding the appointment of Boe Pahari as CEO of AMP Capital CEO. The board promoted Pahari despite knowing he had been financially penalized for sexual harassment, with Julia Szlakowski publicly revealing details of her complaint against her former boss Pahari last week.

This week, following pressure for shareholders, Pahari has been demoted from the role (but still remains with AMP) and AMP Chair David Murray, who signed off on the “unanimous board decision” to promote Pahari, has stood down.

The survivor says that she endured consistent and systematic harassment as a junior female employee at AMP. She says that after speaking out she was bullied, victimised and ultimately silenced. She raised formal complaints with the company — including via legal representatives — “but none were resolved safely, let alone satisfactorily.”

The details are truly shocking, traumatic, upsetting and as the survivor puts it: life and career-destroying. They are well beyond the realm of “low level” if such a thing can really exist when it comes to sexual harassment at work.

The harassment included being sent sexually explicit photos and emails, constant and public propositioning, physical harassment and the final, absolutely horrific and shocking one — a direct manager threatening to end her career if she did not follow through with his sexual wishes while on a work trip. She says she feared for her physical safety and that her only saving grace was that he was blind drunk. As he poured himself another drink, she ran.

AMP put the woman through months of dragged-out proceedings. She was given five days to sign an NDA — she was almost certain that what was being asked of her was illegal, but she had run out of money to pay her lawyers. She says she signed the NDA because by then she felt physically and psychologically destroyed.

She describes just how vulnerable she felt during this period, how utterly powerless and worthless she felt and the extreme pressure she was placed under to make an immediate decision. Desperate. Cornered. Left to the mercy of those higher up. She became a shadow of the previously outgoing and well-spoken woman she once was.

“I knew I was just one small person who would be crushed by the force of one of Australia’s largest companies.”

But she thought the harassment was so blatant and unequivocal that AMP would do the right thing. That by signing the document, she would salvage her career and keep her livelihood.

She was wrong. She was demoted and wound up photocopying documents. She was told she’d have to continue to attend meetings with her harasser.

This survivor’s account also highlights the trauma and challenges survivors face in getting their complaints taken seriously — as the survivor’s lawyers told her, organisations will often take their chances, knowing that women will be unwilling to risk ruining their lives and careers and the hundreds of thousands of dollars in legal fees it’d take to get a case heard in court.

Two of the cases were escalated internally — but in one case the perpetrator went on to be repeatedly promoted. In the other case, the perpetrator was simply given a warning and allowed to continue in his role. He went on to harass another colleague, who then left the industry.

The survivor says her time with the employer destroyed her life, and that it’s taken everything she has to rebuild parts of it — yet she knows that it will never be the same again.

The perpetrators of the harassment instead have gone on to “thrive”.

If you or someone you know is in immediate danger, call 000.

If you need help and advice, call 1800Respect on 1800 737 732, Men’s Referral Service on 1300 766 491 or Lifeline on 13 11 14. 

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AMP director and former treasury secretary John Fraser has also resigned, while Boe Pahari has been stood down from his role as AMP Capital chief executive.

The string of changes at AMP come following the decision to promote Pahari to the helm of AMP Capital after he had been fined $500,000 as part of a settlement for a sexual harassment complaint from a female colleague in 2018.

Julia Szlakowski, the former employee at the centre of the harassment case, said AMP made “persistent and misleading” efforts to downplay Pahari’s alleged sexual harassment.

Non-executive director Debra Hazelton will replace David Murray as chair, saying in a statement she is committed to regaining “trust and confidence of our clients, shareholders and employees”.

Hazelton has been on the board of AMP since 2019 and has more than 30 years of experience in the financial services industry, including as the local chief executive of Mizuho Bank in Australia and Commonwealth Bank (CBA) in Japan.

Boe Pahari will continue to be employed by AMP, resuming a role at his previous level with the company.

AMP chief executive Francesco De Ferrari will replace Pahari as AMP Capital chief executive on an interim basis.

“These changes respond to feedback expressed by some major shareholders regarding the appointment of Mr Pahari as AMP Capital CEO on 1 July 2020,” AMP said in a statement on Monday morning.

David Murray said AMP always treated the sexual harassment complaint against Pahari seriously and there was always “considerable support” for their strategy.

“The board has made it clear that it has always treated the complaint against Mr Pahari seriously. My view remains that it was dealt with appropriately in 2017 and Mr Pahari was penalised accordingly,” he said in a statement.

“However, it is clear to me that, although there is considerable support for our strategy, some shareholders did not consider Mr Pahari’s promotion to AMP Capital CEO to be appropriate.

“Although the board’s decision on the appointment was unanimous, my decision to leave reflects my role and accountability as chairman of the board and the need to protect continuity of management, the strategy and, to the extent possible, the board,” Murray said.

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After a challenging 12-month period for the industry and AMP Capital’s Australian business, Beck’s new position will strengthen resourcing and brings all the retail and institutional client teams for the Australian region under a single role.

Well qualified for the position of managing director, Beck has led AMP Capital’s global consultant and account management strategy for the Asia Pacific client division since 2015. Previously, she has worked at Fidante Partners and Perennial Investment Partners, with responsibilities for managing Australian and global client relations. She currently serves as the Deputy Chair of the Board of CIMA Society of Australia

AMP Capital Director Asia Pacific Craig Keary said the strong qualities Beck brings to the managing director role including customer advocacy and engagement with clients is essential as AMP Capital repositions their Australian business.

“I am delighted Marsha will be leading the Australian client teams. While we reset and refocus our efforts domestically, it’s important that we have the right leadership in Australia to navigate this period, ensure that we put clients at the centre of our business and set us up for future success.”

Highly educated, Beck holds Honours degrees in Arts and Law and Masters of Applied Finance and Investment. She is a graduate of the Australian Institute of Company Directors and holds the CIMA® certification.

Her new role at AMP Capital is effective immediately. Congratulations Marsha!

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