AMP chair Catherine Brenner’s head will be next to roll

AMP chair Catherine Brenner moved to save herself by fast forwarding Craig Meller’s exit, but her position is untenable.

AMP chair Catherine Brenner has moved quickly to attempt to save her position by fast forwarding the departure of CEO Craig Meller and installing Mike Wilkins in his place.

Meller becomes the first public scalp of the Royal Commission after just 14 days of hearings.

Wilkins, the former IAG chief is highly regarded in the market and fund managers’ favourite to be the next chair of the company sooner rather than later.

Meller was slated to leave by year’s end when a replacement was found but like the chair, his position had become untenable.

The departures are step one in AMP’s attempt to save a failing brand, the chair’s head is the next step.

Chief counsel Brian Salter is standing aside pending a review of the company’s handling of the affair.

Brenner’s position on the board has become untenable in the wake of revelations this week she personally intervened to doctor an independent report to ASIC by Clayton Utz.

King & Wood Mallesons will handle the review for AMP.

The AMP board had clear oversight of the so-called fees for no advice, or theft by any other name, and yet has taken until now to take action.

As chair Brenner should step aside before next month’s annual meeting to take full responsibility for the scandal which occurred on her watch and under er direct guidance.

This week was not the first time the AMP board and management knew about the client theft, the information was supplied to the Commission by the company.

Lack of accountability for clear and continued mistakes is one of the key concerns that shareholders and clients have with the financial services industry.

At least now AMP has woken up to the bleeding obvious.

This will not be the last head to roll in the wake of the scandals and indeed some have already gone like former CBA boss Ian Narev.