AMP’s De Ferrari resigns CEO role

Francesco De Ferrari, chief executive of AMP Limited, is to resign today following discussions with the board.

According to a report from the Australian Financial Review (AFR), Scott Hartley, would act as group chief executive until a replacement was found. Hartley was previously appointed as chief executive of Australia last December.

De Ferrari joined AMP in December 2018 after 17 years at Credit Suisse and replaced Mike Wilkins who held the role in an interim capacity.

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Last year, Alex Wade departed as chief executive of Australia while board members David Murray and John Fraser also departed. Meanwhile, Boe Pahari was appointed as chief executive of AMP Capital but was forced to step down from the role after allegations of sexual harassment, although he remained at the company.

A spokesperson for AMP confirmed the comments in the AFR.

Shares in AMP had entered into a trading halt pending a further announcement and when that announcement came at 6.30pm Sydney time, it amounted to one line stating: "AMP notes the media reports today and confirms Francesco De Ferrari remains as chief executive of the group".

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He realised it is a polished turd.

Its not even polished....

But he also should have known that well before going into it... Everyone else did.

Hasn’t been announced to poor AMP staff yet.

A mediocre talent from Asia, way out of his depth.
Should never have been hired.

WTF is going on at AMP? Having a hard time adjusting to the new way of doing business or just recruiting really poorly.....again! Last one out turn off the lights.

How many million$ will Ferrari take for his destruction leaving behind burnt bridges and devastated adviser businesses?
AMP is the Titanic in a financial services world. Not even this turd can stay afloat!

What a joke- Reaped a packet $$$$$$$. Pulled a company apart, destroyed family businesses and mental states of those involved and left. Highly incompetent corporate scum. Shouldnt have been there. Oh and doesnt have to front up to the adviser class action.

Great job Francesco. You did well to destroy the lives of your loyal financial planners. Good riddens

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