Mohl admits AMP survival battle
AMP's CEO Andrew Mohl has admitted that the financial services giant is fighting for its future – an admission that may make an impact on its share price which has already fallen below $7 for the first time since its 1998 listing. The shares reached a peak of $23 shortly after listing.
Mr Mohl said the company is fighting to restore its “brand and integrity and the respect it has in the community”. He agreed this meant its survival. AMP's brand has been damaged by its $900 million loss for 2002 as well as the resignation of its chairman and four directors.
Mr Mohl defended recent payouts to departing executives and directors as AMP's profits and share price have been falling, however, saying they were entitled to the payments as they hadn't been sacked but had left due to AMP's restructuring.