He will join AMP after 17 years with Credit Suisse where he was, most recently, the Chief Executive South East Asia and Frontier Markets, and Head of Private Banking Asia Pacific.
De Ferrari will succeed Acting Chief Executive, Mike Wilkins, when he begins the role on 1 December 2018. Wilkins held his role in an interim capacity since April 2018 and will return to his position as a Non-Executive Director on the AMP Board after a transition period.
De Ferrari will also join the AMP Limited Board as an Executive Director at the first Board meeting in January 2019.
AMP stated De Ferrari will commence in his new role on a rolling contract, and will be paid $2.2 million per annum, with either party being able to terminate on six months’ notice.
“I’m confident we can earn back trust which will underpin the recovery of business performance”
Commenting on the appointment AMP Chair, David Murray, said De Ferrari had a strong track record in international wealth management and extensive experience in redesigning business models to drive turnaround and growth.
“The Board conducted an extensive global search to identify the best leader to drive change at AMP. Francesco is a proven change agent who will bring the strategic acumen and expertise to spearhead the transformation needed in our business,” Murray said.
“During his time with Credit Suisse, Francesco built strong teams and successfully set a culture that balanced the interests of clients, shareholders and all other stakeholders. His experience of transforming and driving growth in businesses in Asia and Europe will be invaluable as he addresses the significant challenges facing both our business and the wider financial services sector in Australia,” he added.
De Ferrari added, “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”.
“I’m encouraged by the process of change already initiated by the Board, and I’m committed to accelerating this change, while maximising the opportunities we have both in Australia and internationally,” he said.