De Ferrari resigns as AMP CEO

AMP Limited chief executive officer Francesco De Ferrari has resigned his executive post with the firm after less than three years at the head. He will remain with the organisation until at least July.

The organisation has tagged ANZ Deputy CEO Alexis George as its new group chief executive officer.

De Ferrari was named CEO in December of 2018. He previously spent nearly 20 years in Asia and Europe leading Credit Suisse's investment banking, global markets, and private banking operations. He will remain with the organisation to ensure a smooth transition. "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.

"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. Leading AMP, a business that is part of the fabric of Australia and New Zealand, is a privilege. I wish Alexis and AMP only the best and you can count on me to continue cheering for its success from the sidelines."

AMP chair Debra Hazelton thanked De Ferrari for his service to the organisation and his commitment to a smooth leadership transition. "We wish him every success for the future and know he will continue to be the exemplary leader he has been at AMP. As we noted last week, with our portfolio review reaching completion, the Board and Francesco agreed that it is an appropriate time to begin the transition to a new CEO to take AMP forward.

"Francesco has led AMP through an extraordinary period, responding to unprecedented external challenges, all while successfully executing a complex transformation program. His strategy has materially reshaped the group, simplified aMP and sharpenet the focus of each of our businesses on their strongest growth opportunities. He led our business through the disruption of COVID-19 and successfully delivered key programs including client remediation and the completion of the sale of AMP Life."

De Ferrari's tenure atop AMP Limited was troubled as several key appointments resigned over allegations of sexual misconduct, including Alex Wade with AMP Australia and Bo Pahari with AMP Capital.