AMP Financial Services MD Craig Meller will be paid up to $2.8 million more when he steps up to his new role of group CEO and MD in January.
Meller replaces 49-year-old Craig Dunn, who retire from AMP after 6 years in the top job and 13 years with the company.
AMP chairman Peter Mason said Meller’s appointment was a testament to the firm’s approach to succession planning.
Outgoing CEO Dunn was also promoted from the role of AMP Financial Services head.
According to AMP’s announcement today, Meller will be paid $1.6 million a year, a short-term bonus package of up to $1.92 million in cash and $1.28 million in share options, and a long-term incentive of $1.96 million.
He was paid a total of $2.99 million last year, when Dunn was paid a total of $5.46 million. AMP paid its top executives an average of 63% of their short-term bonus allowances last year.
Meller’s appointment came as AMP announced a 6% increase in its H1 net profit to $393 million.
Underlying profit fell almost 10% to $440 million – a good result considering AMP’s profit warning in June.
AMP shares are up 4%, at $4.72.
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