Global wealth manager AMP will begin scouring the globe for a new chief executive as Craig Meller confirmed his intention to retire at the end of 2018.
The search will be led by AMP chairman Catherine Brenner.
“Craig has led the transformation of AMP over the past five years. The business has a clear and compelling strategy for growth and is performing well,” she said.
“Craig will continue to drive the company and deliver on our strategy through 2018 and has indicated his flexibility to work with the Board to ensure a smooth and orderly leadership transition.”
Meller was appointed chief executive in January 2014. He was a director of AMP Life Limited since October 2007 and a director of The National Mutual Life Association of Australasia Limited since March 2011.
During the 2017 financial year, AMP recorded an underlying profit of $1,040 million and net profit of $848 million.
Meller said he was stepping down to spend more time with his family.
“It has been a privilege to lead a company with the history and heritage of AMP. As we move into the next phase of growth, it is the right time to begin the process of moving to new leadership,” he said.
“I remain very focused on executing our strategy and driving the performance of the business until my successor has been appointed and will support the Board to ensure a smooth handover.”
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Stockland’s John Schroder has stepped down from his role as head of commercial property.
Current chief operating officer at AMP Capital Real Estate Louise Mason has been announced as Schroder’s replacement,
Schroder will continue in his current role until 2 July 2018, at which point he will move into a consultancy role with Stockland to enable the company “to leverage his expertise and experience”.
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“I feel incredibly privileged to have led the Commercial Property team at Stockland over the past 12 years,” Schroder said.
“I’m particularly proud of the town centres we’ve created for communities across the country, the $1 billion current and future development pipeline we have in train across our Logistics, Business Parks and Retail assets, and the quality of the team we’ve created, which will continue to lead the business forward.”
Schroder joined Stockland in October 2006, during which time the value of Stockland’s retail town centres have grown from $3.5 billion to over $8 billion, and total Commercial Property assets now exceed $11.7 billion.