3min read
PREVIOUS ARTICLE S&P 500 ends up, indexes post ... NEXT ARTICLE Manufacturing strongest in thr...

SYDNEY, AAP – The CEO of wealth manager AMP will “retire” from the top job and be replaced by a top ANZ executive.

The fate of Francesco De Ferrari, revealed on Thursday, comes a week after AMP tried to hose down reports he was on the way out.

Mr De Ferrari “will retire from the roles as the company completes its portfolio review”, the group said in a statement.

He has just months left at AMP before ANZ deputy CEO Alexis George moves across from the bank to take the CEO spot in the third quarter of this year.

Mr De Ferrari joined AMP in 2018 and began an overhaul of the group, which had suffered reputational damage after a banking royal commission uncovered widespread misconduct and led to an exodus of customers from its superannuation and investment businesses.

“As we noted last week, with our portfolio review reaching completion, the board and Francesco agreed that it is an appropriate time to begin the transition to a new CEO to take AMP forward,” AMP Chair Debra Hazelton said.

“Francesco has led AMP through an extraordinary period, responding to unprecedented external challenges … His strategy has materially reshaped the group.”

Ms George is a 25-year career banker who joined ANZ in 2013. Prior to this, she held senior roles at ING Group, including Czech Republic and Slovakia CEO and Regional Chief Operation Officer Asia.

“While we are incredibly disappointed to lose Alexis, I could not be more proud she has been asked to take on such an important role as the next CEO of AMP,” ANZ boss Shayne Elliott said.