Australia’s AMP chief executive Francesco De Ferrari was rumoured to resign from the company on 25 March 2021.
AMP Australia top boss Scott Hartley was reportedly going serve as the group’s acting chief executive, according to local publication The Australian Financial Review.
But AMP rejected earlier reports about the chief executive departure. “AMP Limited notes the media reports today and confirms that Francesco De Ferrari remains as chief executive of the group.”
De Ferrari’s tenure has been a rocky one.
In 2020 alone, the wealth giant sold its life business to UK consolidator Resolution Life; faced a class action law suit from its own financial advisers following contract changes; and decided to cut jobs across its wealth business with the financial planning network shrinking by as much as 30%.
In the summer of 2020, AMP also faced sexual misconduct allegations which led to the demotion of AMP Capital chief executive Boe Pahari after two months in the role, and to the resignation of David Murray as chairman of the company.
Additionally, Hartley’s predecessor resigned abruptly in August 2020 following allegations regarding him sharing explicit pictures to a less senior member of staff.
In 2021, US investment firm Ares Management put forward a bid to acquire the group for A$6.4bn, but then backtracked to only show interest in AMP Capital.
