The AMP Board today announces the appointment of Francesco De Ferrari as Chief Executive Officer of AMP Limited, effective 1 December 2018.
Mr De Ferrari will join AMP after 17 years with Credit Suisse where he was CEO South East Asia and Frontier Markets and Head of Private Banking Asia Pacific.
Mr De Ferrari will succeed Mike Wilkins, who has served as interim CEO since April 2018. Mr Wilkins will work with Mr De Ferrari to ensure a smooth handover before returning to his position as a Non-Executive Director on the AMP Board.
Mr De Ferrari will join the AMP Limited Board as an Executive Director at the first Board meeting in January 2019.
AMP Chairman David Murray said:
“Francesco is an outstanding leader with 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.
“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.
“We have designed a remuneration structure to drive the recovery of AMP and recognise the degree of challenge in the task ahead. His remuneration and incentives are directly aligned with the interests of shareholders. 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.”
Francesco De Ferrari, incoming AMP Chief Executive Officer, commented:
“AMP is an iconic Australian company with strong, market-leading positions in wealth management, insurance and asset management. I feel very privileged to have been chosen to lead the business and to have the opportunity to set and shape its future.
“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.
“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.
“I am excited by the opportunity and am looking forward to working with Board and the team at AMP to restore the company to a position of strength and drive its future growth.”
Francesco De Ferrari biography
Mr De Ferrari has over 20 years’ experience in the wealth management industry including private banking and management consulting. He spent 17 years in executive roles at Credit Suisse in Asia and Europe, leading businesses that grew substantially under his leadership.
During almost seven years as Head of Credit Suisse’s Asia Pacific private banking business, he overhauled the operating model, increased assets under management and profitability, and improved culture and controls within the business.
As CEO of South East Asia and Frontier Markets, Mr De Ferrari was responsible for Credit Suisse’s business in Investment Banking, Global Markets, Private Banking in ASEAN and frontier markets across the Asia Pacific.
He was conferred the Institute of Banking and Finance (IBF) Distinguished Fellow award in 2016 for excellence in professional stature, integrity and achievement in the financial industry. Credit Suisse won the Best Private Bank in Asia award four times in the past five years and Asian Private Banker named Mr De Ferrari Private Banker of the Year in 2015 for regional leadership in the private banking industry.
Previously, Mr De Ferrari led Credit Suisse Italy’s private banking operations in Milan where he transformed the onshore private banking business. During this time, he pioneered the concept of advisory mandates and implemented higher levels of transparency. He also has deep experience in dealing with remediation stemming from regulatory issues in various jurisdictions around the world.
He holds an MBA, awarded with distinction from INSEAD, and a Bachelor of Science in Economics and International Business from the Stern School of Business, New York University. He is married with five children.