AMP taps David Cullen as top in-house lawyer as class actions loom

AMP has tapped David Cullen to replace Brian Salter as its top in-house lawyer as five class actions loom.

Interim executive chairman Mike Wilkins (left) and then acting Group General Counsel David Cullen at AMP’s AGM last month. Picture: AAP

Wealth manager AMP has announced David Cullen as its top in-house lawyer, taking over from sacked group counsel Brian Salter.

AMP said Mr Cullen, who has been acting in the role since Mr Salter’s departure late last month, will be formalised as group general counsel immediately.

Mr Cullen has been with AMP (AMP) since 2004 when he joined as a senior legal counsel at AMP Capital. He was most recently AMP’s company secretary and the group’s general governance counsel.

The former Gilbert + Tobin lawyer will have his work cut out for him as the besieged AMP faces the threat of five separate class actions following the revelations heard at the royal commission into banking and financial services.

AMP’s share price tumbled after head of financial advice Jack Regan admitted the company misled ASIC 20 times — an admission since rejected by the company. The scandal also led to the early exit of chief executive Craig Meller, the sacking of Mr Salter and the resignations of chairman Catherine Brenner and directors Patty Akopiantz, Holly Kramer and Vanessa Wallace.

Follow developments at the banking royal commission via The Australian’s live blog

Industry veteran Mike Wilkins has taken over as executive chairman and appointed former Commonwealth Bank boss David Murray as AMP’s new chairman. The search for a new chief executive is continuing.

AMP earlier this month suffered a “first strike” against its remuneration report, with a record 61.5 per cent vote against executive pay proposals at its annual meeting.

Analysts, including brokerage Macquarie, have forecast AMP’s wealth management division could suffer $35 billion in outflows over the next five years, representing 27 per cent of its assets under management.

The courts are likely to allow only one of the five lawsuits to go ahead.