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AMP’s new CEO tasked with ‘accelerating change’

AMP, new CEO, Francesco De Ferrari

The embattled financial services giant has appointed a new CEO, who will “set the strategy for future growth”.

Francesco De Ferrari will succeed interim CEO Mike Wilkins as of 1 December this year, AMP announced today. Mr Wilkins will return to his non-executive director position.

The appointment follows the departure of Craig Meller in April, the first executive to depart as a result of the banking royal commission’s findings.

“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,” Mr De Ferrari said today.

“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 board and the team at AMP to restore the company to a position of strength.”

He previously spent 17 years at Credit Suisse as CEO Southeast Asia and frontier markets, and head of private banking Asia-Pacific.

The incoming CEO said he would “set and shape” AMP’s future, a statement AMP chairman David Murray echoed.

He noted that Mr De Ferrari’s track record in redesigning business models, and his acumen as a “proven change agent”.

“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,” Mr Murray said.

Mr De Ferrari will enjoy a maximum salary package of $8.3 million in 2019, with a base salary of $2.2 million and the opportunity to earn an additional 120 per cent in short-term bonuses and another 150 per cent in long-term bonuses.

Mr Murray said the remuneration structure was “directly aligned with the interests of shareholders” and recognises the difficult task ahead of Mr De Ferrari.

The appointment follows AMP’s second royal commission battering last week, which revealed underperforming products and poor information chains.

AMP’s new CEO tasked with ‘accelerating change’
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