Embattled AMP Capital CEO steps back, chair resigns

AMP Capital chief executive Boe Pahari has stepped down from his leadership role following revelations of complaints around sexual harassment. He will resume his previous role as global head of infrastructure equity.

AMP Limited chair David Murray has also stepped down from the board. Debra Hazelton has been named the new chair.

"AMP needs to continue its transformation under chief executive Franceso De Ferrari with the support and confidence of its investors, institutional clients, employees, partners and clients, without distractions," said Murray.

"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. 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."

Pahari joined AMP in 2010. He previously spent time with Citigroup, CBA, and Dutch bank ABN AMRO.

He was appointed CEO of AMP Capital in July 2020.

AMP Capital chair and AMP Limited director John Fraser has also resigned.