Shares boost for AMP CEO De Ferrari
AMP chief executive, Francesco de Ferrari, has increased his performance rights by over six million, according to an announcement on the Australian Securities Exchange (ASX).
De Ferrari, who became chief executive in December 2018 and had 20 years of experience in wealth management, previously held 1.6 million in performance rights.
According to an ASX release today, the CEO’s performance rights were increased this week from 1,656,976 to 8,024,378 – an addition of 6,367,402.
AMP said the performance rights were acquired without a cash payment by De Ferrari as they were a part of his remuneration.
The number of restricted shares, options, share rights and shares held by De Ferrari remained the same.
At the time of his appointment last December, it was stated he would receive a base salary of $2.2 million including superannuation. He was entitled to a maximum short-term incentive of 120% of his salary and a maximum long-term incentive of 159% of his salary for 2019, which brought the maximum total remuneration available for 2019 to $8.3 million.
AUTHOR
Laura Dew
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
