AMP chair Catherine Brenner has resigned as the financial services giant continues to reel from the fee-for-no-service scandal at the royal commission.
Her resignation is effective immediately and interim chief executive Mike Wilkins will become executive chairman until a new chair is found.
Ms Brenner follows CEO Craig Meller out the door after AMP admitted to charging clients for advice they never received and then lying to the corporate watchdog about it.
In-house counsel and company secretary Brian Salter will also leave AMP.
Ms Brenner said she was “deeply disappointed” by the issues raised at the royal commission, and the impact it has had on customers, employees, advisers and shareholders.
“As chairman, I am accountable for governance,” Ms Brenner said.
“I have always sought to act in the best interests of the company and have been in discussions with the board about the most appropriate course of action, including my resignation.”
Nonetheless, AMP said Ms Brenner, Mr Meller and the other directors had done nothing wrong with regard to an external report it commissioned – and then repeatedly reviewed – into the fee-for-no-advice scandal.