Trading halt for AMP amid doubts over CEO
Wealth manager AMP suspended the trading of its shares yesterday – a sign something significant is about to be announced. An hour before it went into the trading halt, the Financial Review published a story (paywall) that its boss Francesco De Ferrari is set to resign, which sent the company’s share price down 3.6% in an hour. AMP says De Ferrari remains as CEO of the group, didn’t address whether moves are afoot for the Italian-born finance executive who once worked alongside Mother Theresa is planning to go. AMP – one of Australia’s largest super providers, insurers, and asset managers – has been marred by several controversies in recent times, including revelations it had sold financial products to dead people, and mishandled a serious sexual assault complaint against one if its business division leaders.
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