AMP (ASX:AMP) share price on watch after announcing CEO change

The AMP Ltd (ASX:AMP) share price will be on watch after it ended weeks of speculation by announcing the appointment of a new CEO…

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The AMP Ltd (ASX: AMP) share price will be one to watch closely on Thursday.

This follows the announcement of a change of leadership after weeks of speculation.

What did AMP announce?

This morning AMP announced that Francesco De Ferrari will retire from the role of Chief Executive Officer (CEO).

Replacing Mr De Ferrari will be Alexis George from Australia and New Zealand Banking GrpLtd (ASX: ANZ).

Ms George is the Deputy CEO at ANZ and was previously the Group Executive Wealth Australia, overseeing the sale of the business in 2018.

The next steps

According to the release, Alexis George will join AMP in the third quarter of the current calendar year, subject to required regulatory approvals.

Mr De Ferrari will continue to lead AMP during the interim period and ensure a smooth handover to Ms George when she joins.

He will also continue to work in partnership with the Board and lead AMP’s key strategic initiatives. This includes discussions on the proposed transaction for AMP Capital’s private markets business with Ares Management Corporation.

AMP’s Chair, Debra Hazelton, commented: “On behalf of the Board, I would like to thank Francesco for his significant service to AMP and recognise his commitment to a smooth leadership transition. We wish him every success for the future and know he will continue to be the exemplary leader he has been at AMP. As we noted last week, with our portfolio review reaching completion, the Board and Francesco agreed that it is an appropriate time to begin the transition to a new CEO to take AMP forward.”

“A greater leader”

Hazelton spoke very positively about the appointment of Ms George and believes she is the right person to lead the company.

“In Alexis George, we have a great leader and strong fit for the future of our company. On any measure, she has outstanding industry experience in wealth management and banking, and is committed to continue the transformation of AMP’s business, and importantly, our organisation’s culture. Alexis will work with our executive team to complete and build on the strategic initiatives started under Francesco’s leadership and take AMP forward to its next phase of growth.”

ANZ also spoke positively about Ms George and her appointment as AMP’s new CEO.

ANZ’s CEO, Shayne Elliott, commented: “We will all miss her experience, wise counsel and down-to-earth leadership style. However, as one of the most experienced wealth executives in the country, she is ideally placed to lead AMP through its next phase and we all wish her well on the challenge.”

“It is also a good thing our most senior women are being selected for these high-profile and challenging roles. It shows we are providing our people with the opportunities they deserve and Alexis’s appointment as CEO of AMP is ultimately in the best interest of the Australian business community,” he added.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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