AMP boss is retiring for a week after the financial giant flushed out rumors about his departure

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AMP boss WILL retire a week after financial giant flushed out rumors about his departure – and he will be replaced by ANZ deputy CEO

  • CEO Francesco De Ferrari will retire from AMP and will be replaced by Alexis George
  • The ANZ deputy will move across the bank in the third quarter of this year
  • Mr De Ferrari’s departure comes after AMP tried to sell the departure reports

The CEO of asset manager AMP will retire and will be replaced by a top executive from ANZ.

Francesco De Ferrari’s fate, revealed on Thursday, comes a week after AMP tried to suppress reports that he was on the way.

Mr. De Ferrari “will retire when the company completes its portfolio review,” the group said in a statement.

AMP CEO Francesco De Ferrari “will retire when the company completes its portfolio review,” the group said in a statement.

He has only a few months left with AMP before Alexis George, deputy CEO of ANZ, leaves the bank to take the CEO spot in the third quarter of this year.

The Ferrari joined AMP in 2018 and began an overhaul of the group, which had suffered reputational damage after a royal banking commission exposed widespread misconduct and led to an exodus of customers from the pension and investment business.

“ As we noted last week, the board of directors and Francesco agreed that our portfolio review was complete and now is an opportune time to begin the transition to a new CEO to move AMP forward, ” said AMP Chairman Debra Hazelton.

“Francesco has led AMP through an extraordinary period in response to unprecedented external challenges … His strategy has fundamentally reshaped the group.”

Ms. George is a 25-year-old banker who joined ANZ in 2013. Before that, she held senior positions at ING Group, including CEO of the Czech Republic and Slovakia and Regional Chief Operation Officer Asia.

“While we are incredibly disappointed to lose Alexis, I couldn’t be more proud that she was asked to take on such an important role as AMP’s next CEO,” said ANZ chief Shayne Elliott.

Mr. De Ferrari has only a few months left at AMP before Alexis George, deputy CEO of ANZ (pictured), moves from the bank to take the CEO spot in the third quarter of this year.

Mr. De Ferrari has only a few months left at AMP before Alexis George, deputy CEO of ANZ (pictured), moves from the bank to take the CEO spot in the third quarter of this year.

Mr. De Ferrari has only a few months left at AMP before Alexis George, deputy CEO of ANZ (pictured), moves from the bank to take the CEO spot in the third quarter of this year.

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