The newly appointed CEO of AMP, Andrew Mohl, has vowed to turn around the financially troubled company with his “true values based leadership”.

Speaking at a Merrill Lynch conference in New York last week, he described the past couple of weeks as “tumultuous” and admitted the need for stronger corporate governance and transparency.

“We’ve basically had two key problems,” he said. “One has been the impact of incredibly tough markets on our businesses, including our capital position.

“Our other problem has been caused by how we have communicated the impact of these markets on our UK business.”

He said a key priority was improving customer, investor and employee confidence in the company. He announced five reforms he intends to implement to do this.

The first of these include addressing channels and product lines with adequate returns on capital. “Our decisions will include exists and closures, as well as transformation programs to rejuvenate low return areas based on cost-cutting and capital initiatives,” Mr Mohl said.   

“Closely managing growth ambitions” to ensure a maximum focus on the areas where most of the company’s $14 billion capital is invested was also indicated. Increasing transparency and quality of disclosure “so that we are regarded as truly outstanding corporate citizens” was also called for, as well as tackling some of the sacred cows and embedded behaviours in our business”. Mr Mohl also promised to lead AMP with “passion commitment and absolute integrity”.

Mr Mohl said he had a “religious belief” that success in financial services is 10% strategy and 90% execution. “That’s the way I intend to run AMP.”