Australia’s AMP says Chairwoman Catherine Brenner steps down

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(Reuters) – AMP announced the resignation of Chairwoman Catherine Brenner on Monday, the second senior executive at the Australian wealth manager to exit after damaging revelations at a judicial inquiry into the country’s financial sector of serious misconduct at the firm. 

FILE PHOTO: The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray/File Photo

The country’s largest listed wealth manager also said it would cut all directors’ fees for the rest of calendar year 2018 by 25 percent because of the “collective governance accountability for the issues raised in the Royal Commission” and their impact on AMP’s reputation.

Brenner’s departure comes about a week after AMP announced the resignation of Chief Executive Craig Meller following disclosures at the government-backed Royal Commission into the financial sector that AMP breached provisions of the Corporations Act that carry criminal sanctions.

“I am deeply disappointed by the issues at hand and am particularly concerned for the impact they have had on our customers, employees, advisers and shareholders,” Brenner said in a statement on Monday.

AMP said Brenner would depart immediately. She will be replaced temporarily by fellow board member Mike Wilkins, who was also named interim chief executive to replace Meller.

AMP also announced the departure of its group general counsel and company secretary, Brian Salter.

AMP said the selection process for a new chief executive was under way, but did not provide a timeframe for that or the chair recruitment process.

Reporting by Aaron Saldanha in Bengaluru; Editing by Jane Wardell and Peter Cooney