AMP has appointed former Credit Suisse chief executive, Francesco De Ferrari, as its new CEO, succeeding Mike Wilkins who has held the role in an interim capacity since April, following Craig Meller’s resignation after the Royal Commission financial advice hearings.
De Ferrari would commence the role on 1 December, 2018 and join the AMP Limited board as an executive director at the first board meeting in January, next year. Wilkins would return to his position as a non-executive director on the board.
AMP chairman, David Murray, said that De Ferrari’s remuneration would be aligned with the mammoth task the recruit faces in leading AMP’s recovery.
“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,” Murray said.
De Ferrari was positive that he could lead the process of recovery well for the embattled firm.
“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,” he said.
“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 and drive its future growth.”
De Ferrari would join AMP after 17 years at Credit Suisse, where he was CEO South East Asia and Frontier Markets and head of Private Banking Asia Pacific. Murray said that his time in these roles would put him in good stead for the task ahead at AMP.
“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,” Murray said.
