AMP chairman Peter Mason is to step down from the board of the financial services firm in May after a spell of eight years.
Mason will be replaced by former Macquarie Group executive and current AMP board member Simon McKeon.
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McKeon joined the AMP board in 2013 and is a member of the audit committee and director of AMP Capital. Additionally, he is a chairman of CSIRO, a former Macquarie Group executive and holds a number of not-for-profit directorships.
McKeon said: "Peter Mason has served and guided AMP through a successful expansion into Asia and period of significant change in a challenging environment including the global financial crisis, substantial legislative and regulatory shifts and the merger with AXA."
In addition, Mason has announced plans to step down as chairman of retailer David Jones.
However, Mason’s decision to quit David Jones followed outrage from investors over controversial share purchases made by two of the retailer’s directors.
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By GlobalDataMeantime, AMP director Rick Allert will also retire at the end of his three year term and will be replaced by Trevor Matthews, the former chairman of British insurance business Aviva.
