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AMP Australia chief steps down

AMP has announced that Alex Wade, CEO of AMP Australia, has resigned from his role, effective immediately.

In a statement to the ASX, AMP said it has accepted Mr Wade’s resignation and has confirmed Mr Wade will leave the business.

Blair Vernon, CEO of New Zealand Wealth Management (NZWM), has been appointed acting CEO of AMP Australia while the wealth giant conducts a process to find a permanent replacement.

Mr Vernon will begin in the role immediately.

Jeff Ruscoe, chief client officer of NZWM, will replace Mr Vernon as acting CEO.

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Commenting on Mr Vernon’s temporary appointment to the role of acting CEO of AMP Australia, AMP chief executive Francesco De Ferrari said: “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.”

“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.”

Mr Wade was appointed to lead the AMP Australia business in October 2019. Prior to this, he was the CEO of Australian Wealth Management.

Mr Wade’s resignation has come after AMP Capital announced a number of changes to its leadership team, including the appointment of a new chief financial officer and the departure of several executives.

Aideen O’Donovan was appointed as AMP Capital’s chief financial officer after Adrian Williams departed as acting CFO and chief operating officer.

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Simon Joiner was appointed chief operating officer, replacing Mr Williams.

Kylie O’Connor recently joined AMP Capital’s leadership team after being appointed as head of real estate business. She previously served as AMP Capital Real Estate’s chief operating officer and managing director, separate accounts.

She replaced Carmel Hourigan, who left the business.

Meanwhile, AMP Bank has reduced variable interest rates for new owner-occupier, principal and interest home loans by up to 14 bps, with rates now starting from 2.59 per cent.

The changes came into effect for new loans from 5 August.

[Related: AMP Capital appoints new CEO]

AMP Australia chief steps down
AMP Australia chief steps down
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Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

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