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 ifa 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”.
I would love the job, waltz in take my $3-5 m for a few meazly years watch its sink further and leave without a worry in the world….. Isnt living in an ivory tower a wonderful existance…. these CEO’s are an absolute joke and I think we should demand look back on him….. did he do his job? NO well pay back your ridiculous salary…….. all of it….
Captain de Ferrari has just hopped on shore, the AMP Costa Concordia still taking on water.
Should be a lot of very happy people here in the comments.
Love it, I have been referring to AMP as the RMS Titanic but with Captain de Ferrari in command it is more rightfully the Costa Concordia bound for the rocks.
Phil Kewin to take over? Timing is too bizarre
haha seems unlikely! (Although I love PK)
How about Boe Pahari as acting CEO? Or maybe someone from their 100 longest serving employer list?
The AMP board probably think this is a good idea. They need to go as well.
This is a good thing. He perpetuated the poor culture there. Hopefully Scott Hartley now has a clear run to make some meaningful changes
Hartley is extremely capable… but is there any hope to stop the ship sinking?
AMP have had poor culture long before burning dumpster Ferrari