Australia

AMP Australia CEO leaves after just 10 months in the role

The chief executive of AMP Australia Alex Wade has stepped down after less than a year in the role as the company battles a number of scandals and prepares to report its full-year earnings.

The wealth giant informed the market on Thursday morning Mr Wade would leave the company effective immediately, without explaining the circumstances around his departure. He will be replaced by Blair Vernon, chief executive of AMP's New Zealand wealth management business.

AMP Australia chief executive Alex Wade has left the company.

AMP Australia chief executive Alex Wade has left the company.Credit:Nick Moir

AMP chief executive Francesco De Ferrari said he was pleased to call on Mr Vernon to lead the team until a replacement for Mr Wade is found.

"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 De Ferrari said in a statement.

Loading

Mr Wade had been at the wealth giant for under two years, having joined in January 2019 after 12 years in various roles at Credit Suisse – the finance powerhouse Mr De Ferrari had also worked at for 17 years.

AMP Australia was created in October 2019 after the 170-year-old company merged its wealth management and bank businesses as part of a strategy to simplify the company. Mr Wade was promoted to run the merged business after serving as group executive overseeing AMP's adviser network.

Speaking at an online forum in June, Mr Wade spoke of his commitment to the company.

"I have a personal connection with AMP. Full disclosure, my great-great grandfather was a vice patron when it was founded 170 years ago. So I’m very connected to this company and I see the difference that this company makes in [the] lives of people on a daily basis," he said.

"I believe the retrospective nature of it and the way they’re dealing with advisers is unconscionable," Coalition MP and chief government whip Bert van Manen said. "[AMP] need to honour the contracts they’ve signed."

AMP will report its full-year results next Thursday. It has already flagged profits are set to halve compared to the same period a year ago, due to coronavirus-induced market volatility and economic disruption.

Football news:

Solskjaer on penalty: Tough decision. De Gea made an incredible save, but the rules are the rules
It's time to learn the names of new Borussia heroes. Now there are 17-year-old boys making goals
Paulo Fonseca: it's Important to bring Smalling back to Roma. We have only 3 Central defenders
Arteta about 2:1 with West ham: Arsenal made life difficult for themselves with losses, but they fought and believed in victory
Palace midfielder Townsend: Could have beaten Manchester United with a bigger difference. We had moments
Philippe Coutinho: I am motivated and I want to work hard to make everything work out well on the pitch
Torres on Chelsea: I Thought I could remain a top player, but I was unstable. Although there were enough successes