AMP stated it accepted AMP Australia chief executive Alex Wade’s resignation on Thursday morning.
New Zealand wealth management CEO Blair Vernon has been appointed acting CEO of AMP Australia as the group hunts for a permanent replacement.
Mr Vernon will commence in the role immediately, with chief client officer Jeff Ruscoe to replace him as acting CEO of the NZ wealth management business.
AMP CEO Francesco De Ferrari said, “We have a strong team in AMP Australia, who have been transforming the business, managing the successful separation of AMP Life, reshaping advice and increasing our focus on clients.
“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.”
Mr Wade was previously group executive, advice overseeing AMP’s network of advisers in Australia, before the company rolled its banking and wealth management businesses into one combined organisation and named it AMP Australia.
He was appointed to head the new unit in October last year.
Mr Wade’s departure has added to a recent wave of changes that has taken place among the group’s leadership, after four executives in the AMP Capital team stepped down.
“Radical” measures needed to fix AMP’s entrenched problems. Today’s headline in The Australian (Business section). You only have to read the comments below to realise that’s not news worthy!
Man, this is just the tip of the iceberg. AMP are still pulling the wool over ASIC’s eyes. If ASIC looked even a little bit, instead of taking AMP’S word for it, the compensation payments would send AMP broke.
By allowing him to resign, De Ferrari has effectively condoned sexual misconduct. He should at least have been suspended pending investigation. For a business keen to rebuild trust, covering up sexual misconduct is taking the public and their employees as fools. FDF has written to staff today saying the matter is closed and he will not be discussing this further, this is a direct reflection of his judgement. Shame on him.
Allegations of sexual misconduct and sending explicit photos to female colleagues. AMP is a sinking ship with the other AMP Capital CEO also found to be have had sexual harrassment case against him. Sack them all.
The Board needs to be publically questioned re their disastrous path into oblivion.
Their name is mud. They have cast away their loyal advisors and shit in their own nest.
Let’s hope that the karma bus has hit him and has the rest of the senior management and David Murray in its sights. Knowing the AMP board however he probably walked away with plenty
Remember this is the same gentlemen who was brought in by de Ferrari as his right hand man. Personally recruited from Credit Suisse. Immediately shows how little he knows about wealth management. The man who delivered the BOLR changes which started a class action and who knows how many other lawsuits? The man who encouraged their corporate bully culture and did nothing about the RC fundings in terms of replacing the managers that are still there. The man who has overseen the decimation of AMP Advice (formerly ipac). Picked up a few millions $$ while he was there….de Ferrari next?
Not all the rats are jumping ship fast enough – there’s a few more big rats to crawl out of the sinking ship.
I wonder if Mr Wade received a leaving present. In my time at AMP, Managers were ‘given’ an exit present by the other staff and an opportunity to thank their colleagues for the pleasure and privilege of working with them. I would like a copy of Mr Wades exit / thank you speech, if Mr Wade happens to read this column and wants to publish it! Perhaps, Mr Wade might think it’s not publishable. A penny for your thoughts, Mr Wade?
I’ll give him an exit present but I don’t think he would like it
What most of these comments don’t appreciate is that Mr Wade was obviously dismissed….sacked. As a he was sacked, it would be part of his contract that he would not receive much of his salary package, including any bonuses, if he was sacked. Not least for not meeting his targets or Key Performance Indicators. So I think he would not have benefited financially for being sacked which makes sense. So these comments about ‘rats leaving a sinking ship’….he didn’t jump, he was pushed. So he may wish to vent his anger or frustration at how AMP really works from the inside! Everyone who works there knows! Customers are treated as ignorant victims! Ask a sheep after it has been slaughtered, what it thinks of the process?
Poor SUCKERS all trying to fix Humpty Dumty – not possible. Maybe they should appoint me – yes i will take six figure salary that they owe me from the ADL scandal – never took the money.
Only one resignation?
Do the damage then abandon ship
Nothing to be seen here, move on, not in anyway suspicious…
Classic AMP. Nothing changes.
Anyone remember AMP’s brash and very loud American, George Trumbull?
On a salary of at least $6Mill per year plus shares etc, he offended just about everyone, including John Howard and Peter Costello and then left the country.
It was a disaster move by AMP at the time.
Now we have the CEO that continually spouts how well AMP are doing managing their business interests whilst at the same time the value of the brand is bleeding , they are legally attacking their own long term, loyal advisers by potentially bankrupting them and at the same time defending their behaviour and are being pursued by ASIC on multiple regulatory issues.
And the AMP Board seem content to continue with the current CEO and can justify to the shareholders the massive remuneration package represents value?
Is there something very wrong here ?
Really…..he must not have agreed with the strategy to drive the business forward! What a surprise!
Another rat deserts the sinking ship
The Rats are jumping from the sinking Ship……….
AMP continues to unravel!
He had no clue.. drinking wine at last yrs melb get together he die live red a very disappointing speech to dedicated practice principals and gave us nothing!!
If you cant stand the heat, just bail out. Pussy……