AMP Limited today announces Francesco De Ferrari has commenced his role as Chief Executive Officer of the company.
Mr De Ferrari succeeds Mike Wilkins, who has served as interim CEO since April 2018, and they will work together to ensure a smooth transition.
Mr De Ferrari will join the AMP Limited Board as an Executive Director at the first board meeting in January 2019. Mr Wilkins will return to his position as an independent Non-Executive Director on the AMP Board.
Francesco De Ferrari, AMP Chief Executive Officer, said:
“I am proud to join AMP at such an important juncture for the company. AMP is an iconic organisation; it plays an important role in the financial wellbeing of Australians and the wider financial system.
“This year, AMP has faced into some of the most challenging days of its 169-year history. However, I strongly believe in the company’s purpose and I look forward to overcoming recent challenges and leading AMP’s return to growth.
“My immediate priority is to review the business model and develop our new strategy. The Royal Commission into the Banking & Financial Services Industry has provided an additional impetus for change in our business– and I’m determined we seize the opportunity.
“Our focus must be on doing better for our customers, shareholders and people. I’m committed to taking decisive action to continue the reset of the business; and to earn back trust in driving the recovery of AMP.”
David Murray, AMP Chairman, said:
“I am pleased to welcome Francesco to AMP. As a proven change agent who thrives on the challenge of transforming businesses, his extensive experience in international wealth management and redesigning business models will be critical in creating the AMP of the future.
“The board looks forward to supporting Francesco as he leads the transformation of our business through significant external and regulatory change.
“I would like to thank Mike Wilkins for his leadership and stewardship of the company through recent challenging times. Mike has initiated substantial changes to pave the way for the new CEO, and I look forward to retaining his valuable insights and contribution as he returns to his position as a Non-Executive Director on the board.”
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.