AMP chairman Peter Mason will step down at the company’s annual general meeting in May.

Mr Mason, who has been chairman of the company for eight years, will be replaced by former Macquarie Group executive and current AMP board member Simon McKeon.

The announcement comes just weeks after Mr Mason announced he plans to retire as chairman of department store business David Jones.

His decision to leave David Jones followed outrage from investors over controversial share purchases made by two of the retailer’s directors and approved by Mr Mason.

Mr McKeon praised Mr Mason’s contribution to AMP, including his leadership during the global financial crisis and his role in the company’s takeover of AXA Asia Pacific Holdings.

“Peter Mason has served and guided AMP through a successful expansion into Asia and a period of significant change in a challenging environment, including the global financial crisis, substantial legislative and regulatory shifts and the merger with AXA,” he said.

AMP said Mr Mason had stayed in the role for a year beyond his planned retirement to oversee the transition between former chief executive Craig Dunn and his replacement Craig Meller.

The company also said that fellow board member Rick Allert would leave after his three-year term ends and would be replaced by Trevor Matthews, the former chairman of British insurance business Aviva.