AMP’s two biggest critics have pledged to give chief executive Francesco De Ferrari breathing space after instigating a cleanout at the battered wealth manager that saw chairman David Murray and director John Fraser resign from the board.

After last week slapping down the AMP board over the appointment of Boe Pahari as chief executive of AMP Capital – a position from which he was demoted on Monday – AMP's biggest shareholder told The Australian Financial Review it was throwing its support behind Mr De Ferrari and his strategy for restructuring and growing AMP.