AMP CEO to step down

Alexis George, ANZ deputy chief executive, will take the reins from the third quarter, subject to regulatory approvals.

Ms George was also group executive, wealth Australia at ANZ, where she oversaw the roughly $4 billion wealth divestment program, including the separation and sale of the life insurance and superannuation businesses.

Prior to ANZ, MS George worked with ING Group in a number of senior roles, including CEO Czech Republic and Slovakia and regional chief of operations of Asia.

The news comes after the group denied media speculation last week that Mr De Ferrari was set to resign.

For now, the chief will work on discussions with Ares Management Corporation on the proposed transaction for AMP Capital’s private markets business.

AMP chair Debra Hazelton commented as the portfolio review is reaching completion, Mr De Ferrari and the board had agreed now is the right time to begin the transition to a new CEO, to take the group forward.

“Francesco has led AMP through an extraordinary period, responding to unprecedented external challenges, all while successfully executing a complex transformation program,” Ms Hazelton said.

“His strategy has materially reshaped the group, simplified AMP and sharpened the focus of each of our businesses on their strongest growth opportunities. He led our business through the disruption of COVID-19 and successfully delivered key programs including client remediation and the completion of the sale of AMP Life.”

Ms George is expected to continue the transformation of AMP’s business and its culture.

Mr De Ferrari added he was confident the group’s sale of the private markets business and its focus on wealth and banking was the best result.

“I’m confident this will deliver the strongest outcome for our shareholders, however, it means the group will have a very different business mix and geographic profile requiring a different strategic focus from the CEO,” he said.

Ms George’s base salary, including superannuation, will be $1.7 million per annum. The potential short-term incentive could be in the range of 100 to 200 per cent of her salary, if she hits her performance targets.

Meanwhile, Mr De Ferrari remains eligible for his short-term incentive for 2021. He is taking an additional payment of $300,000 for the additional work he undertook in FY2021 to support the AMP Capital business.

He is also receiving a lump sum of $200,000 (gross) as reimbursement for some of his relocation costs, as well as being entitled to taxation and visa advice.