Two new CEOs join AMP to game change embattled Aussie giant

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Two new CEOs join AMP to game change embattled Aussie giant

AMP confirmed today (11 June) that Alexis George will start as chief executive on 2 August 2021 and that the current CEO Francesco De Ferrari will retire from his role on 30 June 2021.

In the brief statement, AMP also named James Georgeson, AMP's Chief Financial Officer, as acting CEO for the period until George commences in the role.

The backdrop to this latest move started in 2018 when former Credit Suisse banker De Ferrari had been brought in with a remit to stabilise AMP following stinging criticism in a government inquiry into the financial sector found widespread misconduct within the company that led to clients leaving and AMP's share price falling.

As AMP Capital separates from AMP and establishes a new culture and brand, Shawn has clearly demonstrated his capability to lead and inspire teams of highly capable investment professionals."

AMP also announced today in a longer statement the appointment of what it described as an "internationally respected asset management executive" Shawn Johnson as chief executive of AMP Capital.

Johnson was senior managing director and chairman of the investment committee of State Street Global Advisors for almost a decade.

He also served as the volunteer Chairman of the Financial Services Sector Coordinating Council from 2008-10, a non-profit organisation that coordinates critical infrastructure and US homeland security activities within the financial services industry and works collaboratively with key government agencies.

More recently, Johnson led his own alternative investments businesses, including management of a global macro hedge fund and various private investment strategies.

As AMP Capital CEO, Johnson will lead its international growth strategy and the proposed demerger of the private markets businesses which is expected to complete in the first half of 2022.

Johnson will begin his role on 28 June 2021, based initially in Sydney, Australia but he will work on a global basis across the key international offices of the Private Markets business.

David Atkin, AMP Capital Deputy CEO, will continue in his role until 31 July 2021 to facilitate a smooth handover to Mr Johnson, before leaving the organisation as planned.

AMP Chair Debra Hazelton said: "We are delighted to announce the appointment of Shawn as AMP Capital Chief Executive. Shawn's extensive experience and knowledge of global investment management, particularly private markets, makes him an exceptional leader for AMP Capital.

"His experience as a leader in one of the world's largest asset management firms, State Street Global Advisors, where he played a key role in markedly growing the business and navigating the global financial crisis, will be invaluable.

"Shawn has managed a joint venture holding of boutique asset management firms across North America, the UK, Europe and Asia, while also having experience in retirement planning in the US and Australia. Moreover, Shawn's more recent experience with his own alternative asset businesses is a practical demonstration of his entrepreneurial capabilities.

She added: "As AMP Capital separates from AMP and establishes a new culture and brand, Shawn has clearly demonstrated his capability to lead and inspire teams of highly capable investment professionals.

"We would like to thank both Francesco De Ferrari and David Atkin for their leadership of AMP Capital and are delighted that David has agreed to extend his period as Deputy CEO to ensure a smooth handover to Shawn throughout July."

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