AMP CEO Craig Meller steps down

Company News

by Rachael Jones

AMP (ASX:AMP) has announced the Board and the Chief Executive Officer, Craig Meller, will step down from his role with immediate effect.

The company released a press release earlier today apologising unreservedly for the misconduct and failures in regulatory disclosures in the advice business.

Mike Wilkins, a Non-Executive Director on the AMP Board since September 2016 and a former CEO of IAG, has been appointed as acting Chief Executive Officer until the search for the new CEO is completed.

They also plan an immediate, comprehensive review of AMP’s regulatory reporting and governance processes.
$4.7 million of fees has been refunded to over 15 thousand customers so far.

It was revealed earlier this week that AMP had misled the Australian Securities and Investments Commission (ASIC) 20 times over the cause of a scandal in which customers were charged fees for financial advice that was not provided.

Shares in AMP (ASX:AMP) closed 2.9 per cent lower at $4.32 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.