As we anticipated last week, Andrew Mohl has proved to be more than just a temporary fill-in for the top job at AMP. The board announced yesterday that it had appointed him as CEO and MD.

Having realised that the man they wanted was right under their nose, the board abandoned  plans to conduct an international executive search.

“We have taken advice regarding the availability of suitable candidates in Australia and overseas and decided that an extended search for a new CEO is not in the best interest of AMP’s shareholders customers and employers,” Chairman Stan Wallis said.

Mr Mohl was appointed as interim CEO last Tuesday following Paul Batchelor's resignation. . His new role becomes effective next Monday.

The board said Mr Mohl had been instrumental in lifting the performance of AMP’s Australian and New Zealand financial services operations over the last few years and was "confident that all stakeholders will be well serviced by his leadership”.

The terms of his employment will be finalised over the next few weeks.