AMP chief executive Alex Wade steps down | ASX Market Update

August 06, 2020 06:42 PM AEST | By Team Kalkine Media

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AMP Australia chief executive Alex Wade has abruptly resigned from the top position at the wealth group. In an update provided to investors on Thursday morning, the company said the CEO of its Australian division would step down from his role effective immediately. Blair Vernon, the chief executive of AMP’s New Zealand wealth management business, has been appointed interim acting CEO of AMP Australia while the group seeks to find a permanent replacement. AMP chief executive Francesco De Ferrari said he was pleased to welcome Mr Vernon to lead the Australian division.

Virgin chief executive officer Paul Scurrah says there may be no return to overseas flights for the airline for up to three years after the COVID-19 pandemic decimated the travel industry. The airline announced on Wednesday the Tigerair discount airline would be axed and 3000 jobs would be lost across the company as part of its relaunch under administrators Bain Capital. Long-haul flights have also been put on hold for the foreseeable future. Those working for Virgin in international flights, the Tigerair brand and in regional areas are most likely to feel the weight of the cuts, with staff being offered voluntary redundancy packages first.

Latest figures from the Australian Bureau of Statistics shows tourism-filled jobs for the year ending March 31 fell 3 per cent compared with the same period in 2019, capturing the impact of summer’s devastating bushfire season and the initial lockdown imposed due to the coronavirus pandemic. While tourism jobs fell, economy-wide jobs rose 1.7 per cent over the same period. The data released by the ABS does not reflect the full extent of the COVID-19 financial shutdown in April and May. According to the ABS, the economy lost 21,000 tourism jobs, with accommodation positions dropping 12.4 per cent from December 2019 to March 2020.

#AMP #Tigerair #Australia #Kalkine

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