AMP Chairman Peter Mason will retire at the forthcoming AGM, to be replaced by Simon McKeon.

Mr Mason has been Chairman for the past eight years and a director for more than 10.

Mr McKeon joined the AMP board last year. He is also Chairman of the CSIRO and was formerly a Macquarie Group senior executive with more than 30 years’ experience in corporate mergers and acquisitions, fundraising and strategic advice.

AMP board member Rick Allert will also step down, to be replaced by former Aviva UK CEO Trevor Matthews.

Mr Matthews has held senior management positions in Australia with NAB and Legal & General.