Batchelor steps down at AMP

The chief executive ofAMP, Paul Batchelor, has today stepped down from his position after a tumultuous period in the history of the Australian financial services giant.

In a statement to the market this morning, AMP said Andrew Mohl, currently the group’s chief operating officer, had been appointed acting chief executive.

AMP says it will conduct an international search for a permanent chief executive, and will consider both internal and external candidates.

AMP chairman, Stan Wallis, also announced today that he would leave his post six months after the appointment of a permanent chief executive.

The upheaval comes after AMP was forced to halt trading in its shares late last week when they plunged on the back of investor concern about the group’s UK based Pearl operations not meeting minimum regulatory capital requirements.

AMP announced on Friday it would commit around $1.4 billion by the end of the year to ensure it met the minimum regulatory requirements.

Batchelor took on the top job at AMP in 2000 following the departure of former chief executive George Turnbull.

His departure spells a rapid rise through the AMP ranks for Mohl, who only took on the role of chief operating officer earlier this month following the departure of chief financial officer Marc de Cure.

Prior to that, Mohl spent almost three years as managing director of AMP’s largest business unit, the Australian financial services division.

AMP also announced today that Paul Leaming, currently the group’s corporate finance director, would take on the role of acting chief financial officer.