AMP appoints new CEO

The AMP board has announced the appointment of Francesco De Ferrari as group chief executive officer, effective 1 December 2018.

Mr De Ferrari will join AMP after 17 years with Credit Suisse, where he served as CEO South East Asia and frontier markets, as well as head of private banking Asia Pacific.

The new appointee will replace Mike Wilkins, who has served as interim CEO since April 2018. Mr Wilkins will help manage the transition before returning to his role as a non-executive director on the AMP board.

Mr De Ferrari will also join the AMP board as an executive director at the first board meeting in January 2019.

Commenting on Mr De Ferrari’s appointment, AMP chairman David Murray said: “Francesco is an outstanding leader with a strong track record in international wealth management and extensive experience in redesigning business models to drive turnaround and growth.

“The board conducted an extensive global search to identify the best leader to drive change at AMP. Francesco is a proven change agent who will bring the strategic acumen and expertise to spearhead the transformation needed in our business.”

Mr Murray continued: “During his time with Credit Suisse, Francesco built strong teams and successfully set a culture that balanced the interests of clients, shareholders and all other stakeholders. His experience of transforming and driving growth in businesses in Asia and Europe will be invaluable as he addresses the significant challenges facing both our business and the wider financial services sector in Australia.

“We have designed a remuneration structure to drive the recovery of AMP and recognise the degree of challenge in the task ahead. His remuneration and incentives are directly aligned with the interests of shareholders. With his track record of commitment to clients and business performance, I have no doubt Francesco is the right person to lead the recovery of AMP and set the strategy for future growth.”

Mr De Ferrari said that he plans to regain the trust of the public, following a “challenging” year.

“AMP is an iconic Australian company with strong, market-leading positions in wealth management, insurance and asset management. I feel very privileged to have been chosen to lead the business and to have the opportunity to set and shape its future.

“Throughout its history, AMP has been driven by a strong sense of purpose, helping customers plan for tomorrow and supporting them through the critical moments of their lives. While 2018 has clearly been a challenging year for the business, I’m confident we can earn back trust which will underpin the recovery of business performance.”

The incoming CEO added: “I’m encouraged by the process of change already initiated by the board, and I’m committed to accelerating this change while maximising the opportunities we have both in Australia and internationally.  

“I am excited by the opportunity and am looking forward to working with the board and the team at AMP to restore the company to a position of strength and drive its future growth.”

[Related: Former CBA boss begins role as AMP chairman]