Australian financial services company AMP Group has announced that chief executive Craig Meller is to retire by the end of 2018, prompting a worldwide search for his successor.
The recruitment process, which will be led by chairwoman Catherine Brenner, will consider internal and external candidates from both the Australian and international markets.
Meller will have been chief executive for almost five years when he retires. Prior to taking the job, he made a family commitment to retire after a certain period in the role, a source told Infrastructure Investor.
While Meller is yet to decide his next move, it is understood he has no intention of taking on another public chief executive role at this point, according to the source.
Meller became chief executive of AMP in January 2014 and was previously managing director of AMP Financial Services from 2007-13. A British national, he began his AMP career in the group’s UK business in 2001, before moving to Australia in 2002 to become managing director of AMP Banking. He was appointed director of product manufacturing in 2003.
Before working for AMP, Meller spent 14 years with Lloyds TSB in the UK and was also managing director of Virgin Direct from 1999-2001.
In a statement, Brenner said: “As part of our regular discussions on succession, Craig indicated he would like to retire at the end of this year. As it’s important to have continuity of leadership to deliver on our longer-term growth ambitions, Craig and the board jointly agreed the time is right to begin searching for his successor.
“Our announcement today is designed to ensure the search process can be as transparent and comprehensive as possible. 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 said it had been a “privilege” to lead AMP and promised to support the board in ensuring a smooth handover. He will remain in position until the succession has been finalised.
AMP Group reported underlying profit of A$1.04 billion ($804 million, €650 million) for 2017, up from A$486 million in 2016. AMP Capital, the group’s investment management business, contributed A$156 million of this, and had A$4.2 billion of committed real asset capital available for investment at 31 December 2017.
AMP Group declined to provide additional comment.