Media reports had suggested AMP’s Francesco De Ferrari – who had spearheaded the group’s contentious transformation strategy for the past two years – would resign from his role, with AMP Australia chief executive Scott Hartley to serve as acting head of the business.
Shortly after InvestorDaily sought confirmation on the reports from AMP, the group was placed into a trading halt on the ASX.
Later on Thursday, the wealth giant issued a statement to the market that “AMP notes the media reports today and confirms Francesco De Ferrari remains as chief executive of the group”.
A further statement on Friday morning clarified that “there has been no change to the CEO’s position and Mr De Ferrari has not resigned”.
“The board and Mr De Ferrari are working together and constructively discussing the future strategy and leadership of the group, post the completion of AMP’s portfolio review. These discussions are ongoing and AMP will provide updates as required,” the company said.
The controversial AMP head’s possible exit from the business would not come as a surprise to many, following a portfolio review that seemingly failed to yield any serious buyers for the group’s assets, with US investment manager Ares withdrawing its bid for AMP earlier this year and choosing instead to pursue a joint venture for AMP Capital’s private markets business only.
Mr De Ferrari also had his bonus for the last financial year withheld along with the rest of the AMP executive team, with the group’s remuneration committee chair Michael Sammells saying AMP’s performance “remains significantly below plan”.
