AMP has appointed David Murray as its new chairman, replacing Catherine Brenner who stepped down last week following a fee scandal.

The departure of Brenner came shortly after the departure of the company’s CEO Craig Meller, amid revelations at the banking royal commission that the firm charged fees for no service and misled regulators.

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Murray will assume the new responsibility following AMP’s annual general meeting in July this year, after which executive chairman Mike Wilkins will return to the role of acting CEO.

In the new role, Murray will spearhead the redevelopment of governance processes at the firm and will work with Wilkins to initiate a search for a permanent CEO.

Wilkins will become a non-executive director once a new CEO is appointed.

Murray previous served as the CEO of the Commonwealth Bank of Australia. He also chaired the Australian Future Fund and the International Forum of Sovereign Wealth Funds.

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“David has deep experience of financial services, particularly banking and wealth management, as well as the industry’s regulatory environment through his leadership of the Financial System Inquiry. He brings a strong risk mindset and a clear appreciation of community expectations for AMP as well as the wider financial services industry. This is part of the reset that is necessary for the company and I look forward to working with David, the Board and management to rebuild public confidence in the company and to restore shareholder value,” Wilkins noted.