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.
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".
AUTHOR
Laura Dew
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
