Isn’t AMP the gift that keeps on giving. For gossip columnists and other muckrakers, that is. Definitely not for its shareholders, advisers, employees, etcetera.
The tally of those benefiting from AMP has to include its star hires, though. The departed head of AMP Australia Alex Wade received a $270,000 cash sign-on bonus and $310,000 in relocation costs when he joined the company as group executive, advice (replacing royal commission witness Jack Regan) in January 2019. Wade would also receive 537,815 shares granted within the next 12 months.
Alex Wade: lasted 18 months. Nick Moir
Money well spent, not. A year and a half later, and 10 months after a promotion to AMP Australia chief, Wade is already out the door, having on Thursday “stepped down from his role, effective immediately”. AMP’s exceedingly terse statement on the matter made no mention of Wade’s achievements and gave no reason for his departure.
A regular sight smoking with staff members under the railway tracks near AMP’s Circular Quay headquarters, Wade was one of a number of ex-Credit Suisse types to join the company after its royal commission-induced implosion in 2018.
You wouldn’t say he was a universally popular figure. And it seems blindingly obvious he doesn’t leave with his boss’s well wishes. AMP CEO (and fellow Credit Suisse alum) Francesco De Ferrari didn’t deign to thank Wade directly or indirectly for his service.
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