AMP has appointed former Credit Suisse senior executive Francesco De Ferrari as CEO, effective from December 1.

He joins after 17 years with Credit Suisse, where he was CEO southeast Asia and frontier markets and head of private banking Asia-Pacific.

Mr De Ferrari will succeed Interim CEO Mike Wilkins, who will remain during the transition period.

AMP Chairman David Murray says Mr De Ferrari has a strong track record in international wealth management and extensive experience redesigning business models to drive turnaround and growth.

“The board conducted an extensive global search to identify the best leader to drive change at AMP,” Mr Murray said. “Mr De Ferrari is a proven change agent who will bring the strategic acumen and expertise to spearhead the transformation needed in our business.”

He will join on a starting salary of $2.2 million, and if bonuses are paid next year the total package will be $8.3 million.

“We have designed a remuneration structure to drive the recovery of AMP and recognise the degree of challenge in the task ahead,” Mr Murray said.

“His remuneration and incentives are directly aligned with the interests of shareholders.”