The Royal Commission into Misconduct in the Banking and Financial Services Industry has claimed its first victim – AMP chief executive, Craig Meller.
The AMP Limited board has issued a formal apology for the failings revealed at the Royal Commission and announced that Meller, who was to depart the company later this year, had agreed to step down from his role with immediate effect.
Meller will be replaced in the interim by Mike Wilkins, a non-executive director of AMP Limited and a former chief executive of IAG Limited.
The AMP board said it had also established a comprehensive review of the company’s regulatory reporting and governance processes to be overseen by a retired judge or similar independent expert.
