AMP names Acting CEO

The AMP Limited board has announced that non-executive board director, Mike Wilkins, has been appointed as acting chief executive officer 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, and the immediate departure of CEO Craig Meller.

Wilkins, who first joined the AMP board in September 2016, has more than 30 years' experience in financial services in Australia and Asia in sectors such as life insurance and investment management. Most recently, he served as managing director and CEO of Insurance Australia Group (IAG) and he is the former managing director and CEO of Promina Group and Tyndall Australia.

AMP's chair, Catherine Brenner, apologised "unreservedly for the misconduct" and 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 to."

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."

Update, 30th April 2018: Wilkins has also been appointed as executive chair of the board following the immediate departure of former chair, Catherine Brenner.