The new CEO of AMP Limited has begun his role at the “iconic organisation”.
Francesco De Ferrari succeeds Mike Wilkins, who has serviced as interim CEO since April this year and they will work together during the transition.
De Ferrari will join the AMP Limited Board as an executive director at the first board meeting in January 2019.
Wilkins will return to his position as an independent non-executive director on the AMP Board.
De Ferrari said he was proud to join the group at “such an important juncture for the company”.
He added, “AMP is an iconic organisation; it plays an important role in the financial wellbeing of Australians and the wider financial system.
“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.
“My immediate priority is to review the business model and develop our new strategy. The Royal Commission into the Banking and Financial Services Industry has provided an additional impetus for change in our business– and I’m determined we seize the opportunity.
“Our focus must be on doing better for our customers, shareholders and people. I’m committed to taking decisive action to continue the reset of the business; and to earn back trust in driving the recovery of AMP.”
David Murray, AMP chairman, said, “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.
“The board looks forward to supporting Francesco as he leads the transformation of our business through significant external and regulatory change.
“I would like to thank Mike Wilkins for his leadership and stewardship of 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.”