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AMP picks Mohl as new chief

AMP picks Mohl as new chief

(Australia) - Australian bancassurance group AMP has appointed Andrew Mohl as chief executive less than two weeks after the resignation of former chief Paul Batchelor. Mohl, 47, who was previously AMP's chief operating officer, was appointed acting chief executive after Batchelor resigned amid the furore over capital adequacy and disclosure problems at AMP's British insurance unit Pearl.

Although AMP had been expected to embark on a lengthy worldwide search, the company has opted to replace Batchelor with Mohl almost immediately.

Former Suncorp-Metway chief Steve Jones, an American, who resigned from his job the same week as Batchelor had been the hot tip in the market to replace Batchelor.

Mohl graduated from Melbourne's Monash University with a Bachelor of Economics degree in the 1970's, and then worked at the Reserve Bank of Australia, becoming deputy head of research. He then moved to ANZ Funds Management in 1993, before taking a job at AMP in 1996 as general manager of retail distribution.

He then headed AMP Asset Management before his appointment as the company's chief operating officer.

Mohl is considered a quiet achiever, and a man without a big ego who concentrates on the job at hand rather than his own profile.

One of his first acts as chief was to announce that AMP would not grant share options to executives and senior employees.

He also denied reports that the company was looking to exit the UK, which is the source of the company's current problems due to its exposure to the FTSE 100 index.

"Right now we are committed to fixing the problems, not looking for an exit," Mohl said.
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