AMP has appointed Francesco De Ferrari as its chief executive officer, and he will take up the role on December 1.
He will join AMP after 17 years with Credit Suisse where he was CEO South East Asia and Frontier Markets and Head of Private Banking Asia Pacific.
De Ferrari will have a base salary of A$2.2 million but could earn up to A$8.3 million in 2019 with salary and incentives.
He will succeed Mike Wilkins, who has served as interim CEO since April 2018. Wilkins will work with Mr De Ferrari to ensure a smooth handover before returning to his position as a Non-Executive Director on the AMP Board.
AMP Chairman David Murray said that De Ferrari "is an outstanding leader with a strong track record in international wealth management and extensive experience in redesigning business models to drive turnaround and growth."
"Francesco is a proven change agent who will bring the strategic acumen and expertise to spearhead the transformation needed in our business.
“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.
“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.”
Francesco De Ferrari said: “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.
“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."
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