She takes over from embattled CEO Francesco de Ferrari at the Sydney-based wealth manager.
AMP has appointed Alexis George as its new group chief executive officer, who will take over in the third quarter of the year, the firm announced in a statement on Thursday.
George joins from ANZ where is deputy chief executive officer. She also led ANZ's Group Executive Wealth Australia division, spearheading its $3 billion exit from the sector in 2018. She previously spent 10 years at ING Group in a number of senior roles.
«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,» the statement said.
Less Pay
George will receive substantially less than her predecessor – a base salary of A$1.715 million ($1.325 million) per year, compared to De Ferrari's $2.2 million, but with a short-term incentive equivalent to 100–200 percent of her salary for on target performance.
She will also get a sign-on bonus of A$4.091 million ($3.09 million) payable in AMP equity, to replace existing incentive arrangements foregone with ANZ, as well as a A$732,500 ($554,000) bonus payable in cash in December 2021.
Tough Period
De Ferrari joined AMP two years ago from Credit Suisee, and had to deal with several damaging scandals during his tenure, which led to a strategic review of the business.
The outgoing CEO, who will stay in the role until at least July 1, 2021, remains eligible for 2021 salary incentives and will be paid A$300,000 ($227,000) for the additional work he undertook to support the AMP Capital business and another A$200,000 ($150,000) as a reimbursement for his relocation costs.
He will continue to lead AMP during the interim period and ensure a smooth handover to George, and will continue to work in partnership with the Board and lead AMP’s key strategic initiatives, AMP said.
