MENU

The AMP Limited share price falls on plans to replace CEO

Shares in AMP Limited (ASX: AMP) started the week down 1.25% to $5.16, after the company announced that Chief Executive Officer Craig Meller will step down around the end of 2018. AMP stated both internal and external candidates will be considered to replace Mr Meller.

The rumour of a succession at the helm of the financial services company has been around for some time now, with AMP’s disappointing performance almost begging for a restructure of the business under new management. The results for FY2017 announced on February 8 didn’t provide respite, with the 114% increase in the group’s underlying profit dented by a 2.5% decline in earnings from AMP’s core wealth management business.

Speculation surrounding the replacement of the CEO intensified in February, on the news that AMP was conducting an extensive portfolio review that could lead to the divestment of underperforming operations, starting with AMP’s troubled life insurance business.

Any new developments will most likely be announced at AMP’s annual general meeting on May 10.

The Richest Man Alive Invests in This

The richest man in the world has just launched a $100 million investment fund and investors who don't take note could miss out on a massive opportunity.

And it isn't by sheer luck. He did it by looking to the future and investing in the big ideas of tomorrow.

This could be your chance to get in on the ground floor!

Click here to discover more!

Motley Fool contributor Tommaso Autorino has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.