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AMP Australia’s CEO Alex Wade departs

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AMP Australia CEO Alex Wade has departed the company with immediate effect.

AMP, which sold its Life business for $3 billion last month, says in a statement to the Australian Stock Exchange it has accepted the resignation of Mr Wade.

Blair Vernon, the CEO of New Zealand Wealth Management (NZWM), will act as CEO of AMP Australia while a permanent replacement is found. Mr Vernon’s role will be temporarily held by Chief Client Officer Jeff Ruscoe.

Mr Wade joined AMP in January last year after 12 years at Credit Suisse.

He began as AMP’s Group Executive Advice, overseeing the group’s large network of financial advisers, before taking on an expanded remit to include AMP’s wealth management business and AMP Bank.

AMP will release its first-half earnings results on Thursday, and will also detail how it will use the proceeds of the Life business sale.

It has already noted that underlying profit will more than halve to between $140 million and $150 million, down from $309 million a year earlier when the Life business contributed $31 million.