ANZ's Alexis George replaces De Ferrari at AMP

AMP has a new chief executive with Alexis George replacing Francesco De Ferrari.

The company has announced to the Australian Securities Exchange (ASX) that George is replacing De Ferrari who is retiring from the role as the company completes its portfolio review.

George joins AMP form ANZ where she has been deputy chief executive as well as group executive Wealth Australia.

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De Ferrari will continue to lead AMP for an interim period to ensure a smooth handover.

AMP chair, Debra Hazelton said that De Ferrari would continue to work with the board and lead AMP’s key strategic initiatives including discussions on the proposed transaction for AMP Capital’s private markets business with Ares Management Corporation.

She said De Ferrari had led AMP through an extraordinary period responding to unprecedent external challenges.

George will be joining AMP on a salary of $1.715 million a year and a short-term incentive opportunity equivalent to 100% of salary for on-target performance and 200% at maximum.

She will also have access to a sign-on award with a face-value of $4.091 million to be delivered in AMP equity, to replace existing incentive arrangements foregone with her previous employer.

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Who would want to be a Shareholder in AMP, their Management is incompetent, and their Board just as bad, sack the lot of them and start again....How the hell can their CEO be out, then in, then out again, but staying around for a while, disgraceful management and abysmal PR.

Isn't sacking the lot of them and starting again effectively what they have done over the last year or two? There would be very few directors or senior executives with tenure much longer than that.

Yes, they have sacked/let go of a vast number in recent years, that is my point, they haven't actually replaced them with competent people. If a company of that size and resources can't manage the exit of a CEO without ASX trading halts, denials that he is leaving then a few days later confirms he is actually leaving, but staying for a handover, what absolute incompetence and I wouldn't trust the new broom one little bit....See what I am saying....

So you're saying sack all the new ones as well, if they don't get things perfectly correct straight away, after inheriting a train wreck. You aren't a long serving board member of the NSW Rugby Union by any chance are you?

You sound like one of the newly appointed AMP Executives? I am saying the train wreck continues, and yes, you do need to be perfect in matters of that nature, removing a CEO, for Gods sake, they knew they were going to neck him, they already had his replacement limed up, so why the games, made them look like a bunch of amateurs.....

That is a massive announcement. Well done AMP, she is a quality individual!

Great move! Hiring parasitic executives and banksters has worked out well in the past. No one remembers what bankers did to wealth management and insurance?? Suppose AMP will go full Woke now ("you never go full woke!" - points for anyone getting that reference)

With the payments and incentives I can understand why she took the job. Same for Ferrari - he earnt way beyond for the value he's destroyed. The shareholders just keep bolstering CEO pockets because you have to pay overs to get someone to do it - that's a sign the company should be dismantled or sold swiftly, in total, before more damage is done to shareholders.

What a grossly incompetent company. Just when you think they can't stuff up another thing, they prove you wrong.

April Fools!

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