AMP Australia chief steps down

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.