New AMP CEO Andrew Mohl is moving quickly to bolster the company’s ailing British interests with a dramatic restructure. Five senior executives have been shown the door and the UK Financial Services operation has been split into two streams.

The departing executives are UK Financial Services MD Tom Fraser, International Strategy and Development MD Tim Wade, CIO Warwick Foster, General Counsel Peter Noble and GM Human Resources Andrew Jones.   

Mr Mohl has also convinced CFO Marc de Cure to stay on at the Sydney head office in the new role of GM Strategy and Development. Paul Leaming has been confirmed as CFO and Gareth Bennett becomes GM Human Resources.

The UK interests will now be run in two business streams, mature and contemporary. The mature business involves the management and long-term run-off of the closed book of products of the Pearl, London Life and National Provident Life businesses. Contemporary business will be aimed at pursuing opportunities “where we believe we have a real competitive advantage”, Mr Mohl said.

Ian Laughlin will run the mature operation, AMP UK Life Services. John Drabble will run AMP UK Contemporary Financial Services.