AUCKLAND: AMP Limited has appointed Alexis George as its new group Chief Executive Officer (CEO), to take over from Francesco De Ferrari who will retire from the role as the company completes its portfolio review.

Ms George will join AMP from ANZ where she has served as Deputy Chief Executive Officer, as well as Group Executive Wealth Australia, overseeing the sale of the business in 2018. She will join AMP Limited as CEO in Q3 this year, subject to required regulatory approvals.

Mr De Ferrari will continue to lead AMP during the interim period and ensure a smooth handover to Ms George. He will continue to work in partnership with the Board and lead AMP’s key strategic initiatives, including discussions on the proposed transaction for AMP Capital’s private markets business with Ares Management Corporation.

AMP Chair Debra Hazelton commented: “On behalf of the Board, I would like to thank Francesco for his significant service to AMP and recognise 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.

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. His strategy has materially reshaped the group, simplified AMP and sharpened the focus of each of our businesses on their strongest growth opportunities. He led our business through the disruption of COVID-19 and successfully delivered key programs including client remediation and the completion of the sale of AMP Life.

“In Alexis George, we have a great leader and strong fit for the future of our company. On any measure, she has outstanding industry experience in wealth management and banking, and is committed to continue the transformation of AMP’s business, and importantly, our organisation’s culture. Alexis will work with our executive team to complete and build on the strategic initiatives started under Francesco’s leadership and take AMP forward to its next phase of growth.”

AMP Capital agrees internalisation of Precinct Properties NZ

Francesco De Ferrari commented: “On our transformation journey we have taken bold steps to rebuild AMP as a simpler, client-led and growth-oriented business. We have completed the AMP Life sale, embarked on the reinvention of wealth management in Australia and repivoted AMP Capital towards its strength in private markets.

“The portfolio review concluded that unlocking the growth potential in private markets is best delivered either in partnership with a global player or via separation from the group. As a result, the future 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.

Leading AMP, a business that is part of the fabric of Australia and New Zealand, is a privilege. I wish Alexis and AMP only the best and you can count on me to continue cheering for its success from the sidelines.”
www.amp.com.au