AMP financial services managing director Craig Dunn has been appointed chief executive of the firm. He will take over from the departing Andrew Mohl in January 2008.
Mohl announced in August he would leave AMP at the end of the year after more than five years as chief executive and 11 years with the firm.
AMP Chairman Peter Mason said Dunn's hire to the top job followed an extensive review of internal and external candidates.
"Under Andrew's leadership, AMP has made great progress and the company is now beginning to deliver to its true potential. Craig is very well placed to build on the current strategy and leverage the strong assets and capabilities of AMP," Mason said.
"Andrew and Craig will work closely together until the end of the year to ensure a seamless transition."
Dunn's replacement as managing director will be Craig Meller, AMP Financial Services' current director of product manufacturing.
Mohl said he was pleased to see the appointment of an internal successor, which demonstrated the depth of talent and the strength of the internal succession planning processes at AMP.
"As head of AMP's largest business, Craig Dunn has played a vital role in the turnaround of AMP. He understands the company's values and culture and I am confident he will develop into an outstanding CEO," he said.
"Likewise, Craig Meller is ready for the challenge of leading AMP Financial Services after six years with AMP, including a stint at AMP Bank and leading the product manufacturing team."
Dunn announced his intention to stand for the top position at Australia's largest life insurer in August.
His annual salary package will be $1.4 million.
