Wealth manager AMP has announced chief executive Craig Meller will step down at the end of the year, as the hunt for his successor begins.
It is understood Mr Meller, who has led the ASX-listed banking and wealth management giant since 2014, is stepping down to spends more time with his family.
Chairman Catherine Brenner says Mr Meller had previously told the board he wanted to retire at the end of 2018.
He said the search for Mr Meller’s successor, which will include internal and external candidates, will be as transparent and as comprehensive as possible.
‘As it’s important to have continuity of leadership to deliver on our longer-term growth ambitions, Craig and the board jointly agreed the time is right to begin searching for his successor,’ Mr Brenner said.
Prior to becoming chief executive, Mr Meller started with AMP group’s UK business in 2001, before coming to Australia in 2002 to take up the role of managing director of AMP Banking.
The chief executive said he will work with the board to ensure an orderly transition.
‘As we move into the next phase of growth, it is the right time to begin the process of moving to new leadership,’ Mr Meller said in a statement on Monday.
‘I remain very focused on executing our strategy and driving the performance of the business until my successor has been appointed and will support the board to ensure a smooth handover.’
Mr Meller has come under pressure in recent years, with AMP’s life insurance and wealth management divisions weighing on the company.
But in February, the wealth manager swung back to profit a year after recording its first loss since 2003, on the back of a restructure of its wealth protection arm undertaken to counter a downturn in the income protection business.