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Former IAG CEO takes helm at AMP

Former IAG CEO Mike Wilkins has been appointed acting CEO at AMP, following the resignation of Craig Meller.

Mr Meller had been due to retire towards the end of the year, but the AMP board today announced a series of measures after the royal commission uncovered significant misconduct and failures.

The commission heard that AMP lied to the Australian Securities and Investments Commission (ASIC) for almost a decade to hide the fact that it was charging customers fees for advice that was never delivered.

Mr Meller will step down with immediate effect and be replaced by Mr Wilkins – already a non-executive director on the AMP board, and a non-executive director on the QBE board – until the search for a new CEO is completed.

AMP “apologises unreservedly” for the conduct highlighted by the royal commission, and says an immediate review will take place.

A board committee, chaired by Mr Wilkins, has also been established to review the issues raised.

Mr Wilkins was IAG CEO for seven years from 2008 until November 2015, when he was replaced by Peter Harmer.

Mr Meller says he is “personally devastated” by the revelations.

“I do not condone them or the misleading statements made to ASIC,” he 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.”

More details in our regular bulletin on Monday.

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