Australian wealth manager AMP has appointed Francesco De Ferrari as its new CEO, effective 1 December 2018.

Ferrari will succeed Mike Wilkins who was serving as the interim CEO of the company since April.

In the meantime, Wilkins and De Ferrari will work together to ensure seamless transfer of responsibilities, the company said.

Once transition completes, Wilkins will re-assume the responsibility of a non-executive director on the AMP Board.

Previously, De Ferrari was with Credit Suisse as the CEO of South East Asia and Frontier Markets as well as led the group’s private banking business in the Asian Pacific region.

In his 17 year long tenure at Credit Suisse, he also held various other executive roles in Asia and European regions.

At his first AMP Board meeting scheduled in January 2019, he will join the board as an executive director.

Commenting on the appointment, AMP chairman David Murray said: ““The Board conducted an extensive global search to identify the best leader to drive change at AMP. Francesco is a proven change agent who will bring the strategic acumen and expertise to spearhead the transformation needed in our business.

“During his time with Credit Suisse, Francesco built strong teams and successfully set a culture that balanced the interests of clients, shareholders and all other stakeholders.

“His experience of transforming and driving growth in businesses in Asia and Europe will be invaluable as he addresses the significant challenges facing both our business and the wider financial services sector in Australia.”

Overall, De Ferrari has more than 20 years of experience in the wealth management industry.

Francesco De Ferrari said: “AMP is an iconic Australian company with strong, market-leading positions in wealth management, insurance and asset management.

“I feel very privileged to have been chosen to lead the business and to have the opportunity to set and shape its future.”