AMP said chief executive Craig Meller will retire at the end of 2018, rounding out a 17-year career with the Australian wealth manager.
Meller was promoted to CEO in January 2014, having started in its UK division in 2001 before shifting to Australia a year later as managing director of AMP Banking. Chair Catherine Brenner will lead the search for his successor and will consider internal and external candidates, the company said in a statement.
"Craig has led the transformation of AMP over the past five years," Brenner said. "The business has a clear and compelling strategy for growth and is performing well. As part of our regular discussions on succession, Craig indicated he would like to retire at the end of this year."
Until Meller steps down, he "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," she said in the statement.
The shares last traded at A$5.24 on the ASX and have gained about 18 percent in the time Meller has been CEO.
