AMP Crisis Deepens as Chairman Quits Following CEO Departure
- Mike Wilkins named acting executive chairman of wealth manager
- Shares fall for 11th day in longest losing streak since IPO
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The crisis engulfing Australian wealth manager AMP Ltd. deepened, with Catherine Brenner resigning as chairman after the company admitted misleading the regulator, which may lead to criminal charges.
Brenner will be replaced by Mike Wilkins, the former head of Insurance Australia Group Ltd., who is also acting chief executive officer following the departure of Craig Meller 10 days ago. General counsel Brian Salter will also leave and forfeit his outstanding deferred pay, the Sydney-based company said in a statement Monday.