Finance Finance News Markets & Shares AMP denies chief executive has resigned

AMP denies chief executive has resigned

amp francesco de ferrari
The financial services company says there has been no change to Francesco De Ferrari's position. Photo: AAP
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AMP denies media reports that chief executive Francesco De Ferrari has resigned, but says he and the board are discussing the wealth manager’s future leadership.

The company on Friday said there had been no change to Mr De Ferrari’s position and he had not resigned.

Mr De Ferrari and the board were discussing strategy and leadership of the group for the business after its portfolio review, AMP said.

Management began the review in September after what it said was an increase in unsolicited interest in its assets.

US-based Ares Management Corporation in October offered to buy AMP, but talks fell through. The two later entered a joint venture for AMP Capital’s private markets business.

Mr De Ferrari joined AMP from Credit Suisse in late 2018 after the business and industry was roundly criticised by the banking royal commission.

He tried to overhaul the business structure while placating shareholders not satisfied with their investment returns.

AMP’s statutory bottom-line result for full-year 2020 was a profit of $177 million, a turnaround from 2019’s $2.5 billion loss.

Shares resumed trading on Friday after being paused on Thursday.

They were higher by 3.94 per cent to $1.38 at 1124 AEDT.

-AAP