Catherine Brenner resigned as Chairman of AMP Ltd. after the asset manager admitted that they were misleading the regulator about the burden on clients of services they did not receive.
Brenner is replaced by Mike Wilkins, who also acts as Chief Executive Officer, according to a statement Monday. Following Craig Meller's resignation as CEO on April 20, she is the second senior AMP figure in demand for a survey of the country's financial industry.
In other steps, AMP said:
- It will lower the directors' fees by 25% Rest of 201
- General Counsel Brian Salter will leave the company
For more information on the impact of the banking survey, Click Here
The investigation has uncovered a slew of errors in Australia's largest financial companies, including charges for service, deprivations of dead persons, and misleading the regulator. AMP, together with Westpac Banking Corp. and Commonwealth Bank of Australia, may have broken the law multiple times over abuse of clients, it said Friday.