Down 10% in a month, here’s the latest for the AMP share price

AMP shares are taking a breather after tumbling 10% in a month.

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Key points

  • AMP shares are up 1.02% to 99 cents following a broader recovery across the ASX
  • Management announced the appointment of experienced executive Andrew Best as an independent, non-executive director of the AMP board
  • Best will begin the role on 1 July 2022

The AMP Ltd (ASX: AMP) share price is edging slightly higher today despite its recent fall this month.

This comes after the financial services company announced a change to its board.

At the time of writing, AMP shares are up 1.02% to 99 cents.

In comparison, the S&P/ASX 200 Index (ASX: XJO) is rebounding 1.93% to 6,705.8 points.

AMP bolsters its board

In its statement, AMP advised that it has appointed Andrew Best as an independent, non-executive director of the AMP Board.

Best has more than 30 years experience across banking and financial markets in Australia, London, Hong Kong and Singapore.

In particular, he has a knack for capital markets and mergers and acquisitions.

From 1989 to 2020, Best worked for global investment powerhouse JPMorgan Chase (NYSE: JPM). He held various managing director titles including head of investment banking for Australia and New Zealand from 2017 to 2020.

Prior to that, Best served as head of the financial institutions investment banking business for Australia and New Zealand from 2004.

Best brings a wealth of knowledge as an experienced financial services executive. He will commence his role on 1 July.

AMP chair Debra Hazelton commented:

We’re delighted to have a financial services leader of Andrew’s calibre join the AMP Board, adding to the strong and experienced team of current non-executive directors driving AMP’s transformation.

Andrew will bring strong expertise and valuable insights in capital management, financial markets and mergers and acquisitions, gained from an extensive career both in Australia and internationally.

We look forward to his contribution as we take AMP forward as a simpler and customer-focused organisation.

About the AMP share price

A volatile 2022 has led the AMP share price to register a loss of 2% year to date and 8.5% in a month.

However, when looking at the past 12 months, its shares are down 17%.

The company’s share price reached a 52-week high of $1.22 last month before erasing its gains in the following weeks.

Based on today’s price, AMP commands a market capitalisation of around $3.2 billion.

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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