AMP Capital appoints new Independent Chair

AMP Capital has announced the appointment of John Nesbitt as the new independent chair of the AMP Capital Holdings Limited board, replacing Vanessa Wallace who resigned in May following the royal commission hearings.

Nesbitt, who has more than 40 years' experience across the investment management, banking, insurance, property, construction and infrastructure sectors, was previously the independent chair of AMP Capital's main Responsible Entity and Trustee boards. He has been replaced in this role by independent director, Ming Long.

Nesbitt has held CEO, CFO and senior finance and business positions in Australia and Asia, the US and the UK, most recently as CEO of Suncorp Banking & Wealth and previously as group CFO for Suncorp Group. Prior to Suncorp, he led the private wealth division at Perpetual and was chair of the Perpetual superannuation board.

Commenting on his succession, former AMP Capital chair, Vanessa Wallace, said: "John has a deep knowledge of the business and has extensive financial services experience. I'm proud of the achievements we've made globally during my two years as Chairman and I know the business will continue to prosper under John's stewardship."