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.
All I here from AMP is blah, blah, look at me, look at me, we’re still relevant, aren’t we doing great things.
They’ve don’t nothing except spin there wheels, want credit for it and burn shareholders money
The fast moving De Fararri out after only two years and now a female thrown into the abyss. Going on the CEO history, she won’t be there for long. But why wouldn’t you take it on for a $1.7 million salary and 4 million shares X $1.30. Short sinecure maybe but very lucrative.
The board has a lot to answer for!! – This is totally unacceptable how someone can come into a company and completely disrupt and badly impact so many peoples lives, as well as the company and he just walks away without any penalty.
The AMP board in general has thrown a few sacrifical lambs at each stuff up but managed to escape fairly unscathed in my view given how many errors they have made. This is another example of throwing the CEO under the bus for decisions that he made with their endorsement.
Present day version of Kodak.
what reimbursement of location costs? I recall reading AMP already paid for his relocation costs. Is this double dipping….?
Big loss to the amp Board. He is their second longest serving Board Director.
Reminds me of Joan Kirner becoming premier of Victoria or Kristina Keneally premier of NSW or Anna Bligh for Queensland just before huge losses.
Good luck, Alexis. I wish you well.
reshuffling deck chairs on the titanic. Just like everywhere other CEO take the money and run.
Hayne and Fasea killed the industry..
Hayne and FASEA didn’t ‘kill the industry’. The Industry killed itself with it’s over indulgence and greed. All Hayne and FASEA did was hold up a mirror so everyone could see what was going on behind the scenes. This is a good thing for the industry and consumers, to eventually provide services worthy of what clients want and need for a fair price. AMP was build on a House of Cards which is finally being dismantled. The end is nigh.
Yeah except a fair price is now about 3 times what it used to be due to over regulation. Advisers are also not providing Insurance services, so the underinsurance problem gets worse and insurance industry is on its knees. Brilliant!
The industry didn’t kill itself. The dealer groups controlling the industry did. Individual advisers are largely powerless to do anything at an industry level. Most advisers just got on with looking after their clients in an honest and professional way. Then they got persecuted.
Consumers are not better off. Professional advice costs have become much higher, and more consumers have been sucked into dodgy unregulated advice which has been allowed to proliferate.
I agree Hayne & FASEA didn’t kill the industry. But they had an opportunity and responsibility to make it better, and they largely wasted that opportunity through vanity, incompetence, and bias.
FASEA is inefficient and poorly implemented. Hayne did not understand financial planning at all and for a very smart man made some really stupid recommendations. They were both caused by over indulgence and greed but if they were done correctly Financial Planning may still be a profession people will be employed to do in 5 years, because they weren’t financial planning is dead without major changes.
Why would any one ever trust the AMP titanic again? There no shred of moral fibre or integrity and it doesn’t appear that there is any thoughts if changing this. Shame on you AMP for denying only last week what we all knew to be true.
Here we go again ?