Craig Meller says he’s stepping down as AMP chief executive officer around the end of 2018.
The search for his replacement will be led by current chair Catherine Brenner. Internal and external candidates from both the domestic and international markets will be considered.
“Craig has led the transformation of AMP over the past five years,” says Brenner.
“The business has a clear and compelling strategy for growth and is performing well.”
“As part of our regular discussions on succession, Craig indicated he would like to retire at the end of this year.”
Meller will continue to drive the company and its strategy through 2018.
He said: “It has been a privilege to lead a company with the history and heritage of AMP. As we move into the next phase of growth, it is the right time to begin the process of moving to new leadership.
“I remain very focused on executing our strategy and driving the performance of the business until my successor has been appointed and will support the Board to ensure a smooth handover.”
AMP has turned around its insurance business, posting a strong recovery when announcing its full year results last month.
The financial services giant turned a loss of $344 million 12 months ago into a profit of $848 million. Revenue for the year to December was up 24% to $18.36 billion.
He was appointed CEO in January 2014. He has been a director of AMP Life Limited since October 2007 and a director of The National Mutual Life Association of Australasia Limited since March 2011.
Meller was managing director of AMP Financial Services from 2007–2013.
He started with the AMP group’s UK business in 2001 before coming to Australia in 2002 to take up the role of managing director AMP Banking.
He started his career at Lloyds TSB in the UK where he spent more than 14 years working across the business in a number of management roles. From 1998 he worked at Virgin Direct where he was managing director from 1999 to 2001.