The Bull

Monday 18

February, 2019 5:09 AM



New CEO sees AMP's 'most challenging days'

New CEO sees AMP's 'most challenging days'

AMP's new chief executive has started work after what he says have been "some of the most challenging days" in the company's 169-year-old history.

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By AAP 03.12.2018 10:43 AM

Francesco De Ferrari has started work as AMP chief executive after what he says have been "some of the most challenging days" in the company's 169-year-old history.

The former head of Credit Suisse's Asia Pacific private banking business took charge on Monday, with interim chief executive Mike Wilkins - who stepped in following Craig Meller's sudden exit - returning to his role as an independent non-executive director.

Mr De Ferrari said he aims to win back trust following the exits of Mr Meller and chairman Catherine Brenner this year over damaging revelations of extensive misconduct heard at the banking royal commission.

"This year, AMP has faced into some of the most challenging days of its 169-year history," Mr De Ferrari said.

"However, I strongly believe in the company's purpose and I look forward to overcoming recent challenges and leading AMP's return to growth."

Mr De Ferrari said his immediate priority was to review AMP's business model.

"The royal commission ... has provided an additional impetus for change in our business - and I'm determined we seize the opportunity," Mr De Ferrari said.

"Our focus must be on doing better for our customers, shareholders and people."

AMP has lost more than half its market value since April's revelations that the group charged customers for advice that was never given and misled the regulator.

In August, AMP reported a 74 per cent plunge in its first-half profit after it set aside $290 million to refund and compensate customers.

It faces shareholder class actions over the impact of the scandal on investors.

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