Craig Meller, who joined the group in 2001 and has held a number of senior roles, including the role of managing director of AMP Financial Services since 2007, will assume the head role from 1 January 2014.
Mr Dunn will retire after six years as CEO and managing director, and 13 years with the company, AMP stated.
AMP Limited chairman Peter Mason said Mr Meller’s appointment came following an extensive internal and external review.
“Craig Meller has demonstrated a great capacity to lead and grow the business since he joined AMP more than a decade ago. He has successfully led AMP’s largest business unit during a period of significant regulatory and industry change, while at the same time new technologies have been driving a major shift in customer behaviour,” Mr Mason said.
“He is the right person to lead AMP as we progress the next phase of our strategy, which capitalises on our stronger integrated business.”
Mr Mason said Mr Dunn will be leaving AMP in a strong position.
“Craig Dunn leaves AMP in great shape after successfully steering the company through the global financial crisis, unprecedented regulatory change and one of Australia’s largest and most successful financial services integrations,” Mr Mason said.
“On behalf of the board, I thank him for his exceptional leadership and ability to capitalise on the opportunities during this challenging time.”
Mr Meller said he was looking forward to the challenges and opportunities of his new role.
“I’m very excited about the opportunity to lead AMP, particularly in an environment where our customers’ needs are rapidly changing. As we have announced today, we’re focusing on driving higher revenues through deeper customer relationships and improved business efficiencies,” Mr Meller said.
AMP said Mr Meller and Mr Dunn will work together closely to ensure a smooth transition to the new leadership.
At AMP’s results briefing yesterday, Mr Meller said the group had not yet decided who his replacement in the Financial Services division would be.
“What we are saying is we’re taking the opportunity to combine the AMP leadership team and AFS leadership team, and obviously one of the first priorities is to appoint members to that leadership team, which I’ll be doing over the next month or so,” Mr Meller said.
“It’s not just the leadership change that makes this another inflection point for AMP. We now have the capacity to implement change in our core domestic [market]… by investing to improve customer engagement and drive down costs even further.
“That starting point includes our scale, our advice footprint and expertise, our product suite and capabilities across the value chain, the investments we’ve made in our core technology platform, and a refreshed brand that is appealing to a much broader customer base.”
