Published by Asia Asset Management – 24th Aug 2018
AMP Limited (AMP), a Sydney-based wealth management company, has appointed veteran Credit Suisse banker Francesco De Ferrari as its new chief executive officer (CEO).
Francesco De Ferrari
Mr. De Ferrari succeeds Mike Wilkins, who has served in an interim capacity since April after former CEO Craig Meller stepped down following AMP’s admission of corporate misconduct.
Mr. De Ferrari spent 17 years at Credit Suisse, where he was CEO for Southeast Asia and Frontier Markets as well as head of private banking for Asia Pacific.
He will join AMP on December 1 and become an executive director at the company’s board meeting next January, AMP says in a statement on August 22.
The company says Mr. Wilkins will work with Mr. De Ferrari “to ensure a smooth handover” before returning to his position as non-executive director.
According to AMP Chairman David Murray, the board conducted an “extensive global search to identify the best leader to drive change at AMP”.
“Mr. De Ferrari is a proven change agent who will bring the strategic acumen and expertise to spearhead the transformation needed in our business,” Mr. Murray says in the statement.
Four months ago, AMP admitted at a banking royal commission hearing into misconduct in the financial industry to repeatedly misleading the Australian Securities and Investments Commission about charging customers for services they didn’t receive.
“AMP apologises unreservedly for the misconduct and failures in regulatory disclosures in the advice business,” the company said in a statement in April.
AMP had A$189 billion (US$137.91 billion) of assets under management at the end of June 2018.
