1 Comment 1 Commentby Daniel Smith
Francesco De Ferrari
In a statement today, AMP has revealed that its chief executive Francesco De Ferrari will exit the business with ANZ deputy chief, Alexis George to step into the role.
The change will take place in the third quarter of 2021.
In a statement, De Ferrari said he “will continue to work in partnership 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”.
The exclusive period for the proposed venture in which US capital management firm Ares would purchase 60% of AMP Capital has lapsed this week with no formal agreement announced.
Debra Hazelton, AMP chair, said in the release that “The board and Francesco agreed that it is an appropriate time to begin the transition to a new CEO to take AMP forward.”
De Ferrari will remain in charge until at least July 1, retaining all contracted incentives.
“Francesco will remain eligible for his short-term incentive for 2021. In addition, he will receive a payment of A$300,000 (less applicable tax) in respect of the additional work he undertook in FY 2021 to support the AMP Capital business. He will not be eligible to receive any other incentive awards in respect of future years.”
In the statement, De Ferrari said that as a result of the 2020 portfolio review, “The future AMP will be largely focused on domestic wealth management and banking opportunities.
“I’m confident this will deliver the strongest outcome for our shareholders, however, it means the group will have a very different business mix and geographic profile requiring a different strategic focus from the CEO.”
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It would be a surprise if they even exist in 5 years from now such is the destruction of this brand by the so called leadership of AMP.
NZ has not had competent leaders for many years now.