AMP chief executive, Francesco de Ferrari, has increased his performance rights by over six million, according to an announcement on the Australian Securities Exchange (ASX).
De Ferrari, who became chief executive in December 2018 and had 20 years of experience in wealth management, previously held 1.6 million in performance rights.
According to an ASX release today, the CEO’s performance rights were increased this week from 1,656,976 to 8,024,378 – an addition of 6,367,402.
AMP said the performance rights were acquired without a cash payment by De Ferrari as they were a part of his remuneration.
The number of restricted shares, options, share rights and shares held by De Ferrari remained the same.
At the time of his appointment last December, it was stated he would receive a base salary of $2.2 million including superannuation. He was entitled to a maximum short-term incentive of 120% of his salary and a maximum long-term incentive of 159% of his salary for 2019, which brought the maximum total remuneration available for 2019 to $8.3 million.
Comments
This should sit well with AMP advisers.!
The corporate prostitutes will be long gone when AMP advisers and their families continue to carry the lifetime burden of being involved in a ruthless, heartless and shareholder driven juggernaut.
AMP's name is dirt and it will never recover.
Well said - couldn’t agree more
Bet the senior executives are still on a good remuneration package despite stuffing up the company.
Gee, only two comments. Interesting.
I assume he is incentivised on spreading misery. Devaluing AMP planner's books to a point where their debt (often to AMP bank) is higher than the value, without giving the required 13 months' notice of changes to BOLR terms. Terminating advisers for not being 'productive enough' while AMP makes so many errors that running an efficient business is nearly impossible. It is such a clear example of corporate greed and incompetence stealing from the people who helped build up a good reputation that is now mud. Enjoy those millions and the karma they generate in your life.
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