Business Services Industry
Five British Executives Cut as Australian Insurer Starts to Restructure.
Knight Ridder/Tribune Business News, October, 2002
Evening Standard, London Knight Ridder/Tribune Business News
Oct. 14--The head of AMP's troubled UK operations was among five AMP executives to be culled today as the Australian insurance giant began rebuilding its tattered finances.
UK financial services managing director Tom Fraser, who led a stable of operations including Pearl Assurance, London Life and MPI, is to leave with an undisclosed pay-off, just a fortnight after AMP revealed it would have to inject more than UKpound 400 million into Pearl to ensure its capital requirements are met.
The move is part of a wider bid by new AMP chief executive Andrew Mohl to cut costs by streamlining management and having more people report directly to him.
The UK businesses will be...
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