Why AMP shares rose nearly 5% in early trade

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Summary

  • The shares of AMP Ltd rose 4.76 per cent to hit the day’s high of A$1.32 per cent on Thursday on news of its chief executive Francesco De Ferrari retiring from his role.
  • The resignation came days after Ferrari provided assurance that he would continue for a longer time in his current role with the company.
  • The new CEO Alexis George would take over his responsibility in the third quarter of the year.

The shares of wealth manager AMP Ltd (ASX:AMP) rose 4.76 per cent to hit the day’s high of A$1.32 per cent on Thursday on news of its chief executive Francesco De Ferrari retiring from his role. The stock closed at A$1.26 on Wednesday.

The resignation came days after Ferrari provided assurance that he would continue for a longer time in his current role with the company. Meanwhile, Australia and New Zealand Banking Group deputy chief Alexis George was named as the new group chief executive officer.

Source: © Robynmac | Megapixl.com

Ferrari would continue to work in partnership with the Board and lead AMP’s key strategic initiatives, AMP said.

Since 2018, AMP shares plunged nearly 75 per cent following the Australian government’s probe into the financial sector found widespread misconduct within the firm that led to an exit of clients.

Source: © Finepics | Megapixl.com

De Ferrari was appointed as AMP's CEO in the year 2018 with an aim to stabilise the company.

About new CEO Alexis George

The new CEO Alexis George would take over his responsibility in the third quarter of the year. George has spent seven years at ANZ in capacity of the head of the wealth management business. Earlier, she also spent ten years at Dutch firm ING Group in number of senior roles.

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Meanwhile, the stock is just over 19 per cent so far this year. In the last six months, the stock is down 6.6 per cent.

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