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AMP hires ex-Credit Suisse exec as new CEO

Troubled financial services giant AMP has appointed long-time Credit Suisse executive Francesco De Ferrari as its new chief executive, effective December 1.

Mr De Ferrari will join AMP after 17 years at Credit Suisse where he was chief executive for South East Asia and Frontier Markets and head of private banking for Asia-Pacific.

He replaces non-executive director Mike Wilkins, who had been acting as interim CEO since April when Craig Meller quit in the wake of a fees-for-no-service scandal.

Newly-appointed AMP Chairman David Murray said the board had 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," he said in a statement.

AMP has lost a quarter of its market value since damaging revelations at the banking royal commission in April that the group charged customers for advice and misled the regulator.

The revelations claimed the jobs of former CEO Craig Meller and chairman Catherine Brenner, and earlier this month AMP reported a 74 per cent plunge in its first-half profit after it set aside $290 million to refund and compensate customers it overcharged for financial advice.

Austrlaian Associated PressBack to Breaking News

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