Brenner calls time at AMP
AMP chairman Catherine Brenner has resigned, exiting the embattled services group as the fallout of scandals revealed by the financial services royal commission shows little sign of abating. Ms Brenner (above) follows axed CEO Craig Meller, completing a top-level cleanout at AMP.
AMP chairman Catherine Brenner has resigned, exiting the embattled financial services group as the fallout of scandals revealed by the financial services royal commission shows little sign of abating.
Ms Brenner follows axed CEO Craig Meller out amid the royal commission-induced crisis, completing a top-level cleanout at AMP.
Group general counsel and company secretary Brian Salter has also been forced out – with Mr Salter revealing on Monday afternoon that he had learned of his axing via AMP’s announcement to the ASX this morning.
Mr Salter, who had been on leave, was sacked over his involvement in a contentious report into the scandal, AMP said on Monday, and while Mr Salter said he accepted his departure was a necessary part of renewal, he denied any wrongdoing.
Amid a raft of measures announced, AMP said directors’ fees will be cut by 25 per cent for the next eight months.
Former IAG chief executive Mike Wilkins, who had already taken on the role of interim chief executive, will become executive chairman until a new candidate is found.
Ms Brenner had faced immense pressure to quit from the Australian Shareholders Association after AMP admitted at the commission to charging clients for advice they never received and then lying to the corporate watchdog about it.
“As chairman, I am accountable for governance,” Ms Brenner said in Monday’s statement.
“I have always sought to act in the best interests of the company and have been in discussions with the board about the most appropriate course of action, including my resignation.”
AMP said Ms Brenner, Mr Meller and the other directors had done nothing wrong with regard to what was described as an independent external report it commissioned from law firm Clayton Utz and instead, shifted the blame on to Mr Salter.
Mr Salter said in a statement released independently on Monday that he was “disappointed” to learn of his dismissal and said he had not engaged in any wrongdoing.
“Clayton Utz has stated publicly that its report and its independence were not compromised,” he said.