11/5/17: AMP chair Catherine Brenner has resigned. Picture: John Feder/The Australian
11/5/17: AMP chair Catherine Brenner has resigned. Picture: John Feder/The Australian

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.

Catherine Brenner has quit as AMP chairwoman. Picture: Britta Campion
Catherine Brenner has quit as AMP chairwoman. Picture: Britta Campion

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.

AMP Ceo Craig Meller and chairman Catherine Brenner have both left AMP in the wake of the revelations at the banking royal commission. Picture: John Feder/The Australian
AMP Ceo Craig Meller and chairman Catherine Brenner have both left AMP in the wake of the revelations at the banking royal commission. Picture: John Feder/The Australian

 

"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.

 

AMP Ceo Craig Meller and chairman Catherine Brenner have both left AMP in the wake of the revelations at the banking royal commission. Picture: John Feder/The Australian
AMP Ceo Craig Meller and chairman Catherine Brenner have both left AMP in the wake of the revelations at the banking royal commission. Picture: John Feder/The Australian

 

More to come


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