(Bloomberg) — AMP Ltd. Chairman David Murray resigned and the newly-appointed head of the firm’s investment management arm was demoted as a sexual harassment scandal sparked the second boardroom cleanout in just over two years at the trouble-plagued company.
Boe Pahari, whose promotion to chief executive officer of AMP’s A$190 billion ($137 billion) investment management arm sparked the revolt, will return to his previous level with a focus on the infrastructure equity business, the Sydney-based firm said in a statement Monday. Debra Hazelton will replace Murray.
“These changes respond to feedback expressed by some major shareholders regarding the appointment of Mr. Pahari,” AMP said.
Murray, 71, said that while the board unanimously approved Pahari’s promotion, and the complaint against him was dealt with appropriately in 2017, “my decision to leave reflects my role and accountability as chairman and the need to protect continuity of management.”
It’s an ignominious chapter for