Wallace departs as AMP Capital Chair

AMP Capital has announced that Vanessa Wallace has been succeeded as chair by former CEO of Suncorp Banking & Wealth, John Nesbitt.

The firm first announced Wallace was stepping down in May following the royal commission hearings. She resigned as a director of the AMP Ltd board following the annual general meeting on 10 May 2018 but stayed on as chair of AMP Capital until a successor had been named.

Commenting on her departure, AMP Capital CEO, Adam Tindall, said: "I would like to thank Vanessa for her leadership of the board, wise counsel and tireless support for AMP Capital. I've enjoyed working closely with Vanessa to drive our business forward around the world."

Wallace said of Nesbitt's appointment: "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."

Nesbitt was previously the independent chair of the boards of AMP Capital's main responsible entity and trustee, a role which is now held by independent director, Ming Long.