David Murray has resigned as chairman of AMP as part of a major shake-up after some major shareholders raised accountability concerns in the aftermath of a sexual harassment complaint against an executive.
Executives John Fraser and Boe Pahari have also stepped away from their current positions at the wealth manager.
Debra Hazelton has been appointed as Mr Murray's replacement.
Mr Pahari stepped down at AMP Capital chief executive and will return to his previous role within the firm's infrastructure equity branch.
"These changes respond to feedback expressed by some major shareholders regarding the appointment of Mr Pahari as AMP Capital CEO," the company said in a statement on Monday.
Mr Murray said AMP needed to move beyond the "distraction" of the case, which has been settled.
"The board has made it clear that it has always treated the complaint against Mr Pahari seriously," he said.
"My view remains that it was dealt with appropriately in 2017 and Mr Pahari was penalised accordingly.
"However, it is clear to me that, although there is considerable support for our strategy, some shareholders did not consider Mr Pahari's promotion to AMP Capital CEO to be appropriate."
Mr De Ferrari will assume direct leadership of AMP Capital while a replacement chief executive is found.
Ms Hazelton thanked Mr Murray' for his leadership over the past two years
"I am determined to restore the trust and confidence of our clients, shareholders and employees," she said.
Mr Fraser, a former Treasury secretary, has resigned as a non-executive director on the AMP Limited board and as chairman and non-executive director on the AMP Capital Holdings Limited board.