May 4, 2018 / 6:26 AM / 21 days ago

UPDATE 1-Australia's AMP appoints ex CBA head David Murray as non-executive chairman

(Adds details on current chairman, financial sector inquiry)

May 4 (Reuters) - Australian wealth manager AMP Ltd said on Friday it would appoint former Commonwealth Bank of Australia Chief Executive David Murray as non-executive chairman.

AMP said Murray’s appointment would be effective after an annual general meeting on May 10 and by July 1, declining to give an exact date.

The company’s current Executive Chairman Mike Wilkins will return to the position of acting chief executive officer, and will work with Murray in the search for a new chief executive, AMP said in a statement.

Murray, who served as chief executive officer of the Commonwealth Bank of Australia from 1992 to 2005, will lead the redevelopment of governance processes at AMP.

His duties would also include a process of board renewal and the appointment of an additional non-executive director in the near term, the company said.

AMP Chairwoman Catherine Brenner resigned earlier this week and chief executive Craig Meller stood down in late April after an inquiry into the financial sector heard damning evidence of misconduct at AMP.

The inquiry found that advisers at AMP had misappropriated funds of thousands of clients over the last decade. The company earlier in the day denied allegations it had submitted a doctored report to a regulator and committed a criminal offence. (Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates and Darren Schuettler)

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