AMP CEO Meller Resigns, Apologizes for Firm's Misconduct

Cornelia Mascio
Aprile 20, 2018

Mike Wilkins, a non-executive director of the company has been appointed as acting CEO, the company said in a statement.

Apart from Mr Meller's departure, AMP's most senior lawyer group general counsel Brian Salter, has taken leave while the review is undertaken.

The announcement also said that the motion approving Meller's equity grant at the next AMP annual general meeting had been withdrawn.

"AMP apologises unreservedly for the misconduct and failures in regulatory disclosures in our advice business".

The AMP board said it had also established a comprehensive review of the company's regulatory reporting and governance processes to be overseen by a retired judge or similar independent expert.

AMP confirmed it will make a submission to the Royal Commission in response to the issues raised and will include discussion of the independence of Clayton Utz's report.

Finance Minister Mathias Cormann says the sudden resignation of Mr Meller is an "obvious consequence" of revelations uncovered at the banking and finance royal commission.

AMP has refunded $4.7 million across more than 15,700 customers since it began co-operating with ASIC in May past year. "The board is determined that we will meet these challenges head on, accelerating changes in both culture and performance".

"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".

The AMP Limited board has issued a formal apology for the failings revealed at the Royal Commission and announced that Meller, who was to depart the company later this year, had agreed to step down from his role with immediate effect. 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.

Australia's largest wealth manager AMP Ltd (AMP.AX) on Friday apologized for its misconduct and failures in regulatory disclosures in the advice business, and said its Chief Executive Craig Meller would step down immediately. "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".

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