AMP (ASX:AMP) has announced Chairman Catherine Brenner will step down from the board effective immediately.
Her resignation follows damning evidence at the banking royal commission of misconduct by the company’s staff.
The company says directors will take a 25 per cent pay cut for the remainder of 2018 as a result of the issues raised at the commission.
Mike Wilkins has been appointed as executive chair of the financial services company, effective immediately.
Brian Salter, the group general counsel and company secretary, will also be leaving AMP.
Shares in AMP (ASX:AMP) closed down 0.74 per cent to $4.02 on Friday