March 25, 2018 / 9:11 PM / a month ago

UPDATE 1-CEO of Australia's AMP Ltd to retire at the end of 2018

(Adds CEO commentary, Chairwoman commentary, background)

March 26 (Reuters) - Australia’s largest wealth manager AMP Ltd said on Monday its Chief Executive Craig Meller intended to retire around the end of 2018.

The company will start a search for a successor, which will be led by Chairwoman Catherine Brenner, it added in a statement.

“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,” said Brenner.

The Sydney-based company more than doubled its full-year underlying earnings last month, benefiting from growth in its Australian wealth protection business and AMP Bank.

“As we move into the next phase of growth, it is the right time to begin the process of moving to new leadership,” said CEO Craig Meller, under whose tenure the company’s stock rose about 18 percent as of Friday.

Reporting by Aditya Soni in Bengaluru, editing by David Evans and Daniel Wallis

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