AMP has hired a new CEO after it was announced that Francesco De Ferrari will retire at the end of the year.
Many people thought that Mr. De Ferrari was going to save AMP’s reputation after the 2018 banking and financial services royal commission. His predecessor, Craig Meller, lost his job because of the scandal.
AMP’s new CEO is Alexis George, who has worked in the financial services industry for 25 years. She is currently the deputy CEO of ANZ.
People at the company said that when she was head of wealth at the bank, Ms. George helped sell off its life insurance and superannuation businesses for $4 billion.
In the past, AMP has talked about selling all or part of its business, including its profitable AMP Capital unit.
Francesco De Ferrari, the CEO of AMP, is leaving after less than three years in the job.
In his place will be Alexis George, who is currently ANZ’s deputy CEO and was in charge of the company’s wealth divestment.
Some or all of AMP’s business might be for sale.
Following speculation that he was about to leave, AMP told the Australian Stock Exchange last week that he was still CEO.
In 2018, he was hired to change AMP’s culture after the royal commission found a lot of bad behavior, like fees for no service and charging fees to dead clients.
Debra Hazelton, the chair of AMP, said in a statement that Mr. De Ferrari had been an outstanding leader and that now was the right time to hire a new CEO.
Mrs. Hazelton mentioned that Francesco had led the company through a fantastic period in dealing with unprecedented external challenges.
He led our business through COVID-19, which caused many problems for us. He was able to finish essential projects like client remediation and the sale of AMP Life.
On top of her base salary of $1.71 million, Alexis George will get $4 million in AMP shares as a sign-on bonus when she joins AMP. It will replace her incentive package with ANZ.
She will get a bonus of 100% of her base salary quickly. If she meets specific performance goals, she could get a reward of up to 200%.
Latest AMP Leadership Spill
Mr. De Ferrari’s time at AMP will come to an end on July 1, and he will leave with a lot of money thanks to the bonuses he agreed to when he signed his original contract. It includes his short-term bonus for 2021.
De Ferrari will also get $200,000 for moving costs and $300,000 from AMP Capital for his work.
The financial services royal commission took down AMP’s former CEO, Craig Meller, chairman Catherine Brenner, and three of the company’s board members, among other people.
After the board was criticized for not doing enough to deal with a series of revelations about sexual harassment by high-ranking AMP employees, they fell on their swords.
A woman will be CEO and chair of AMP for the first time in AMP’s long history.
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