AMP CEO Francesco De Ferrari denies claims he has resigned from the company


AMP chief executive Francesco De Ferrari has denied speculation he is stepping away from the top role at the scandal-plagued 172-year-old wealth giant.

On Thursday night, AMP issued a single sentence statement to the Australian Stock Exchange, stating Mr De Ferrari would remain as the company’s top boss.

Media reports have been circulating that Mr De Ferrari is in negotiations for an early severance package from his three-year tenure.

“AMP Limited notes the media reports today and confirms that Francesco De Ferrari remains as chief executive officer of the group,” the statement read.

AMP prior to its announcement placed it shares in a trading halt before the market closed, with investors responding to the rumours of his resignation, pushing the company’s share price down 3.6 per cent to $1.34 each.

AMP CEO Francesco De Ferrari
Camera IconAMP chief executive Francesco De Ferrari has denied speculation he is stepping away from the top role. Britta Campion / The Australian Credit: News Corp Australia

The Italian-born Mr De Ferrari was brought in to resurrect AMP from its woes following the banking royal commission, which found evidence AMP advisers were charging fees for no service and in some instances kept charging people who had died.

Since Mr De Ferrari’s involvement as CEO, the value of the company’s shares has fallen by almost half.

The company has also sold off its life insurance business in the last year.

AMP in 2020 was rocked by further scandal after it was revealed the newly appointed executive to run AMP Capital, Boe Pahari, had been promoted despite being penalised for an earlier sexual harassment incident.

He was later demoted following shareholder backlash.

AMP Australia boss Alex Wade also left the company for inappropriate behaviour, which later came to light that he had sent lewd photos to a female employee.



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