Drama yesterday about the CEO’s position at AMP Limited.
A report on the website of the Australian Financial Review said AMP CEO Francesco De Ferrari has resigned after two and a half years in the position.
Last year AMP lost chairman David Murray and a director, John Fraser, as well as the head of its Australian operations, Alex Wade.
The report claimed his departure has been negotiated with the board of directors and AMP Australia’s CEO Scott Hartley – last December – will serve as the group’s acting chief
Mr De Ferrari was named as CEO at the start of December, 2018.
AMP requested a trading pause at about 3.35pm – having lost 3.6% for the session to $1.335 – pending a further announcement.
At 6.25pm AMP issued a short one sentence statement which read:
“AMP Limited notes the media reports today and confirms that Francesco De Ferrari remains as Chief Executive Officer of the group.”
The speculation over the future of Mr De Ferrari comes amid fresh concerns around negotiations with US investment firm Ares, that has been running the ruler over parts of the business.
The Sydney Morning Herald reported that “Sources close to the early negotiations said Mr De Ferrari did not want to sell the company, which had caused tension among senior management.”
The Financial Review changed the headline on its story from the CEO resigning “today “ to “De Ferrari era at AMP coming to an end”.
At just over two years, it is hardly an ‘era’ but in terms of the AMP’s instability in recent years, two years is an eternity.
