Former Commonwealth Bank CEO and Financial System Inquiry chairman David Murray has been appointed Chairman of AMP.

He will take up the role at the start of next financial year, and current Executive Chairman Mike Wilkins will return to holding one role – that of Acting CEO.

Mr Murray is expected to face a shareholder revolt at the forthcoming annual general meeting and will be tasked with redeveloping governance processes at the scandal-hit financial services group.

AMP continues to search for a new CEO, after which Mr Wilkins will return to being a non-executive director.

“I am committed to meaningful board renewal, but recognise the process must be measured so as to maintain the stability of AMP in the immediate future,” Mr Murray said.

“Restoring trust and confidence is not easy and does not happen overnight, but I am confident this can be achieved.”