The AMP Ltd (ASX: AMP) share price is moving on up. At the time of writing, shares in the financial institution are trading for $1.20 – up 3.45%. For context, the S&P/ASX 200 Index (ASX: XJO) is 0.32% higher.
The positive price movement comes amid a new board appointment and daily share buybacks.
Let's take a closer look at what AMP has been up to.
AMP's recent news
In a statement to the ASX today, AMP announced the appointment of Michael Hirst to its board. He will serve as an independent, non-executive director. Hirst starts next Thursday.
Hirst was CEO of Bendigo and Adelaide Bank Ltd (ASX: BEN) between 2009 and 2018. He also serves on the boards of AMCIL Limited (ASX: AMH) and not-for-profit GMHBA Limited. As well, he is the chair of Butn, a fintech start-up.
AMP Chair Debra Hazelton said:
As the CEO of Bendigo and Adelaide Bank, Mike led and grew the business in a highly challenging and competitive environment with a clear focus on people and clients.
His detailed knowledge of Australia's retail banking and wealth environment, as well as his broad sector experience as a non-executive director, including innovative fintech start-ups and across Government, will be invaluable.
In other news, the company is continuing its on-market share buyback.
AMP share price snapshot
Over the past 12 months, the AMP share price has decreased by more than 32%. It stands in stark contrast to Australia's big 4 banks, which have all increased in value from around 47% to 55% higher.
At the time of writing, AMP has a market capitalisation of $4.1 billion.
