AMP Appoints Former Banker as New CEO

Wealth manager AMP has appointed Francesco De Ferrari as its new chief executive officer.

De Ferrari, the former South East Asia head of investment bank Credit Suisse, will take up his position as AMP's new boss on December 1, and will be paid a maximum salary of $8.3 million during his first year.

AMP, which has been leaderless since Craig Meller resigned in late April.

His resignation came as a result of misconduct revelations at the banking royal commission where it was revealed AMP had lied to the corporate regulator ASIC about its practice of charging customers hidden fees.

Since then, AMP's former chairman Mike Wilkins had been acting in the chief executive role.

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“The Board conducted an extensive global search to identify the best leader to drive change at AMP,” AMP chairman David Murray said.

“Francesco is a proven change agent who will bring the strategic acumen and expertise to spearhead the transformation needed in our business.”

Incoming AMP chief executive officer Francesco De Ferrari highlighted a "challenging" 2018 for AMP and emphasised the need to earn back trust.

“I’m encouraged by the process of change already initiated by the Board, and I’m committed to accelerating this change, while maximising the opportunities we have both in Australia and internationally,” De Ferrari said.

AMP had almost $6 billion in market value wiped from its books since the revelations from the commission in March.

De Ferrari will be paid a salary of $8.3 million during his first year at the helm of AMP.