Financial services firm AMP has named industry veteran Francesco De Ferrari as its new CEO, the firm’s board announced on Wednesday.
De Ferrari will assume his new role on 1 December. He will transfer from Credit Suisse, where he was CEO for South East Asia and head of private banking for the Asia Pacific region. De Ferrari will also take on an executive director role at AMP’s board beginning 1 January next year.
“Throughout its history, AMP has been driven by a strong sense of purpose, helping customers plan for tomorrow and supporting them through the critical moments of their lives. While 2018 has clearly been a challenging year for the business, I’m confident we can earn back trust which will underpin the recovery of business performance,” said De Ferrari.
De Ferrari succeeds Mike Wilkins, who has served as AMP’s interim CEO since April this year. Wilkins will transition to a non-executive director role on the firm’s board.
“We have designed a remuneration structure to drive the recovery of AMP and recognise the degree of challenge in the task ahead. His [De Ferrari’s] remuneration and incentives are directly aligned with the interests of shareholders,” said AMP chairperson David Murray. “With his track record of commitment to clients and business performance, I have no doubt Francesco is the right person to lead the recovery of AMP and set the strategy for future growth.”