AMP AMP Limited

   By Robb M. Stewart 
 

MELBOURNE, Australia--AMP Ltd. (AMP.AU) Chief Executive Craig Meller plans to retire by the end of the year and the wealth management firm has launched an international search for a successor.

Chairman Catherine Brenner on Monday said Mr. Meller, who was appointed to the role in January 2014, had indicated he wanted to step down and, with the board, agreed the time was right to begin the search for a successor.

The hunt for a new CEO will be led by Ms. Brenner and will consider internal and external candidates from domestic and global markets, the company said.

"Craig has led the transformation of AMP over the past five years," Ms. Brenner said.

Prior to taking over as CEO, Mr. Meller from 2007 to 2013 was managing director of AMP's financial services unit. Having begun his career in banking in the U.K., he joined AMP's British business in 2001 before coming to Australia the following year to take up the managing director role at AMP Banking.

AMP is due to provide investors with an update on a review of its business portfolio by its annual shareholders meeting on May 10. Last year, the company said it was looking at options for its Australian wealth-protection, New Zealand and mature businesses and in February said it was in discussions with a number of unnamed interested parties.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 25, 2018 17:46 ET (21:46 GMT)

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