It took a week but AMP finally confirmed what the market whispers had been saying – ACEO Francesco De Ferrari will retire from the role.
He will be replaced by ANZ deputy CEO Alexis George who will take the top job once the AMP’s portfolio review is complete.
AMP said Mr De Ferrari will continue to work “in partnership” with the board to lead strategic initiatives, including negotiations with US investment group, Ares who are supposed to be negotiating to buy some, all or none of AMP Capital.
In a statement issued on Thursday, AMP chair Debra Hazelton thanked Mr De Ferrari and recognised “his commitment to a smooth leadership transition”.
“We wish him every success for the future and know he will continue to be the exemplary leader he has been at AMP,” Ms Hazelton said.
“As we noted last week, with our portfolio review reaching completion, the board and Francesco agreed that it is an appropriate time to begin the transition to a new CEO to take AMP forward.”
“Francesco has led AMP through an extraordinary period, responding to unprecedented external challenges, all while successfully executing a complex transformation program.”
Mr De Ferrari said in Thursday’s statement that the future of AMP will be largely focused on domestic wealth management and banking opportunities.
“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.
“While there is no optimal time for transition, the board and I agreed that for AMP to deliver on the next phase of its ambitious transformation, at this juncture long-term certainty of leadership is critical for our business, our employees and our clients.”
The Australian Financial Review columnist, Joe Aston reported a week ago today that Mr De Ferrari would leave with the announcement happening the next day (Friday).
That news stunned the AMP as many on the board and in management had no inkling of the news. AMP stuttered and started issuing two statement in a day saying the CEO was still in place.
But media reports quickly provided enough information to confirm that he was on the way out and when the March 28 deadline for a deal with Ares on AMP Capital passed without any firm arrangement, it was only a matter of time.
Thursday’s announcement from AMP tidies it all up by the start of the Easter break.
