- CEO of investment firm AMP (AMP), Francesco De Ferrari, is retiring from the role and handing the reins to current ANZ deputy CEO Alexis George
- Francesco took the helm in December 2018, several months after AMP lost its last permanent CEO in the wake of the banking royal commission
- Incoming CEO Alexis will join AMP in the third quarter of this year, given all regulatory approvals are granted, until which time Francesco will continue in the role
- As well as serving as Deputy CEO at ANZ, Alexis also held the position of Group Executive Wealth Australia and led a $4 billion divestment program
- Shares last traded at $1.27
CEO of investment firm AMP (AMP), Francesco De Ferrari, is retiring from the role and handing the reins to current ANZ deputy CEO Alexis George.
Fransesco took the helm in December 2018, several months after the company’s last permanent CEO Craig Meller resigned in the wake of the banking royal commission.
“On our transformation journey we have taken bold steps to rebuild AMP as a simpler, client-led and growth-oriented business. We have completed the AMP Life sale, embarked on the reinvention of wealth management in Australia and repivoted AMP Capital towards its strength in private markets,” said Francesco.
The change in leadership coincides with AMP’s portfolio review, as the outgoing CEO explained.
“The portfolio review concluded that unlocking the growth potential in private markets is best delivered either in partnership with a global player or via separation from the group. As a result, the future AMP will be largely focused on domestic wealth management and banking opportunities.”
“I’m confident this will deliver the strongest outcome for our shareholders, however, it means the group will have a very different business mix and geographic profile requiring a different strategic focus from the CEO.”
“While there is no optimal time for transition, the Board and I agreed that for AMP to deliver on the next phase of its ambitious transformation, at this juncture long-term certainty of leadership is critical for our business, our employees and our clients.”
Given all regulatory approvals are granted, the incoming CEO will join AMP in the third quarter of this year, until which time Francesco will continue in the role.
For more than 25 years, Alexis has worked in the financial services industry in Australia and abroad, seven years of which was at ANZ. As well as serving as Deputy CEO, Alexis also held the position of Group Executive Wealth Australia and led a $4 billion divestment program.
Her previous roles at ING Group included as CEO Czech Republic and Slovakia as well as Regional COO Asia.
Alexis will receive a base salary of $1.09 million, short term incentives of equal or up to double the base salary upon achieving performance milestones and long term incentives of the same value of the base salary.
She will also receive a sign-on award with a face value of $4.09 million in AMP equity to replace incentives from her previous job.
Shares last traded at $1.27.