AMP Chair steps down

AMP has announced that its chair, Catherine Brenner, has stepped down from the board, effective immediately.

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, and the immediate departure of CEO Craig Meller.

Brenner joined the AMP board in 2010 and was appointed as chair in 2016. Previously, she was chair of AMP Life and the National Mutual Life Association of Australasia.

AMP's acting CEO, Mike Wilkins, has been appointed as interim executive chair while the search for Brenner's replacement commences.

Commenting on her departure, Brenner said: "I am deeply disappointed by the issues at hand and am particularly concerned for the impact they have had on our customers, employees, advisers and shareholders. As Chairman, I am accountable for governance. I have always sought to act in the best interests of the company and have been in discussions with the Board about the most appropriate course of action, including my resignation. The Board has now accepted my resignation as Chairman as a step towards restoring the trust and confidence in AMP."

Wilkins added: "AMP respects the Royal Commission process. I can assure you that the evidence and submissions presented by Counsel Assisting are being treated extremely seriously by the Board. Appropriate steps are being taken to address the issues raised, and remediating our customers is being given utmost priority. On behalf of the Board, I reiterate our sincerest apology to our customers, and know we have significant work to do to rebuild their trust."