KEY POINTS:
AMP has announced CEO Andrew Mohl will leave the company towards the end of 2007 and the process is underway to replace him.
AMP Ltd also announced an increase in first half earnings.
AMP's first half net profit was A$470 million ($548 million), up 35 per cent.
Its underlying result was 27 per cent higher at A$534 million.
AMP Chairman Peter Mason says Mr Mohl has served the company as CEO for five years with great distinction, turning around the company's performance and driving strong growth in shareholder value.
"Andrew has been with AMP for 11 years, including five years as CEO, and believes that it is the right time to step aside and allow a new CEO to lead AMP in its next stage of growth," Mr Mason said.
Mr Mason says the Board's succession planning process, which has been in place for some years, has been accelerated. The board will be reviewing a short list of candidates, both internal and external.
Mr Mohl says it has been an extraordinary period in his life and he has achieved everything he set out to do in the role. He says he has no intention of taking on another CEO role, but will spend time on other business and community interests.
- NEWSTALK ZB, AAP
