AMP chair quits over banking probe
THE chair of AMP Catherine Brenner has resigned in the wake of the Royal Commission into banking.
Brenner has become AMP's second high-profile casualty of the banking royal commission, announcing her resignation as chair of the financial services giant, the company announced today.
AMP interim CEO Mike Wilkins is expected to step up as chair, replacing Ms Brenner.
The company has been under intense pressure following evidence presented to the banking royal commission over the past two weeks.
The commission heard on Friday that AMP could face criminal charges for misleading the corporate regulator.
AMP CEO Craig Meller has already resigned.
In a statement today, The company announced that Group General Counsel and Company Secretary Brian Salter will leave the company.
Mr Meller apologised "unreservedly" for AMP's conduct uncovered at the inquiry.
He said he was "personally devastated" after AMP admitted to charging clients for advice they never received and then lying to the corporate watchdog about it.
He insisted he had not known about the behaviour but acknowledged that he was ultimately responsible.
"I do not condone them or the misleading statements made to ASIC," Mr Meller said.
"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."
Former IAG chief executive Mike Wilkins, who joined AMP's board in 2016, will replace Mr Meller on an interim basis.
More to come