AMP Group General Counsel and Company Secretary departs

AMP has announced that Brian Salter, group general counsel and company secretary, has stepped down, 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.

Salter has over 35 years' experience in the legal profession and prior to joining AMP in 2008, he spent 19 years as a partner at Clayton Utz.

AMP has also announced the immediate departure of its chair, Catherine Brenner, who has been a member of the board since 2010 and chair since 2016.

AMP's acting CEO and executive chair, Mike Wilkins, said: "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."

The recruitment process to appoint Salter's successor is currently underway.