AMP apologises for misconduct as CEO steps down

Craig Meller
CRAIG MELLER
AMP Limited - Chief Executive Officer
DEPARTURE
AMP LIMITED
Date: April 2018
Position: Chief Executive Officer

The AMP Limited board has announced that Craig Meller has stepped down from his role as CEO with immediate effect.

The announcement follows revelations by the Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry, which prompted an unreserved apology from AMP for its misconduct and failures in regulatory disclosures in the advice business.

Meller, who was appointed CEO in January 2014, began his career at AMP in 2001 working in the UK business, before joining the Australian AMP Banking team in 2002 as managing director. He was managing director of AMP Financial Services from 2007 - 2013.

Mike Wilkins, a non-executive director of the AMP board and former CEO of IAG, has been appointed as acting CEO until a permanent replacement is announced.

Commenting, AMP's chair, Catherine Brenner, said: "The Board is determined that we will meet these challenges head on, accelerating changes in both culture and performance at AMP. We have been driving much-needed change and improvement in our advice business, which has undergone significant leadership and governance renewal over the past year but we know we have much more to do."

Meller added: "I am personally devastated by the issues which have been raised publicly this week, particularly by the impact they have had on our customers, employees, planners and shareholders. This is not the AMP I know and these are not the actions our customers should expect from the company."

"I do not condone them or the misleading statements made to ASIC. However, as they occurred during my tenure as CEO, I believe that stepping down as CEO is an appropriate measure to begin the work that needs to be done to restore public and regulatory trust in AMP."