By Alice Uribe

SYDNEY--Australian wealth manager AMP Ltd. said Alexis George, who is a senior executive at Australia & New Zealand Banking Group Ltd., will be its next CEO, replacing Francesco De Ferrari.

AMP said Thursday that Mr. De Ferrari has agreed to stay as chief executive until at least July 1, as the company completes its portfolio review. After this time, he will be available to AMP to assist with the handover to Ms. George and other support, the company said.

"He will continue to work in partnership with the Board and lead AMP's key strategic initiatives, including discussions on the proposed transaction for AMP Capital's private markets business with Ares Management Corporation."

Ares this week signaled interest in taking full control of AMP Capital's private markets businesses, having previously agreed to a framework deal that would see it take a majority stake in a joint venture.

Ms. George, currently deputy CEO at ANZ, will join AMP as CEO in the third quarter of the year, subject to required regulatory approvals, said AMP.

"Alexis will work with our executive team to complete and build on the strategic initiatives started under Francesco's leadership and take AMP forward to its next phase of growth," said AMP Chair Debra Hazelton.

AMP said the new CEO contract will include a salary, including superannuation, of 1.72 million Australian dollars ($1.31 million) per annum and a sign-on award with a face value of A$4.1 million in AMP equity. This, AMP said, replaces existing incentive arrangements with Ms. George's previous employer.

Mr. De Ferrari was appointed CEO of AMP in August 2018 and officially started in December of that year. He succeeded Mike Wilkins who had been interim CEO since April 2018.

AMP earlier this week issued a statement to the ASX that the Mr. De Ferrari had not resigned as CEO, following an earlier statement addressing media reports that Mr. De Ferrari would be departing.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

03-31-21 1743ET