AMP has appointed a new chief executive, succeeding Mike Wilkins, who will return to his former position as an independent non-executive director on the AMP board.
Francesco De Ferrari has commenced in the role, and will also join the company board as executive director from January.
He has said his immediate priority is to review the business model and develop a new strategy for the firm following the royal commission.
“I am proud to join AMP at such an important juncture for the company. AMP is an iconic organisation; it plays an important role in the financial wellbeing of Australians and the wider financial system,” Mr De Ferrari said.
“This year, AMP has faced into some of the most challenging days of its 169 year history. However, I strongly believe in the company’s purpose and I look forward to overcoming recent challenges and leading AMP’s return to growth.”
Mr De Ferrari added that the company’s focus must be on doing better for its customers, shareholders and people, to continue the reset of the business and earn trust back.
“I am pleased to welcome Francesco to AMP. As a proven change agent who thrives on the challenge of transforming businesses, his extensive experience in international wealth management and redesigning business models will be critical in creating the AMP of the future,” David Murray, chairman at AMP said.
“The board looks forward to supporting Francesco as he leads the transformation of our business through significant external and regulatory change.”
Mr Murray also thanked Mr Wilkins for his work as interim CEO, saying he led the company through recent challenging times.
“Mike has initiated substantial changes to pave the way for the new CEO, and I look forward to retaining his valuable insights and contribution as he returns to his position as a non-executive director on the board,” he said.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].