AMP Australia chief executive Alex Wade has resigned a week after the financial services giant announced its first-half profits had halved.

AMP accepted his resignation with immediate effect.

Blair Vernon from New Zealand Wealth Management will act as head of the Australian division while a replacement is found.

“I’m pleased we are able to call on an experienced executive in Blair Vernon to lead this team and continue to drive our strategy forward,” AMP boss Francesco De Ferrari said on Thursday.

Mr Vernon will start the role immediately and Jeff Ruscoe will replace him in New Zealand.