New AMP chief Alexis George ready for the risks

Incoming AMP chief executive Alexis George knows that to make it to the top you have to take risks.

AMP’s incoming CEO Alexis George and her daughter Ashlee Barnes. Photographer: Adam Yip

Incoming AMP chief executive Alexis George knows that to make it to the top you have to take risks, and she’s acutely aware of the importance of good leadership.

Both will serve George, 57, in good stead as she steps into one of the most challenged — and ­perhaps jinxed CEO roles — in the nation.

On Thursday, George was anointed the next boss of AMP, a role she will start in the third ­quarter.

That will follow a spate of scandals and strategic blunders at the 172-year-old wealth group that makes George the fourth CEO since the start of 2018.

Her LinkedIn profile says a lot about her approach.

“The most satisfying part of my 25-year career has been leading teams and watching people grow and progress,” she says.

“From my first casual teenage job in retail to my most recent role as ANZ’s deputy CEO, I’ve been aware of just how important good leadership is for getting the best from people.”

George, who takes a level-headed and personal approach to executive life, grew up in Bega on the NSW south coast and attended the local high school given her working-class background. She started her professional career working in Sydney and London at PwC, before embarking on a 10-year stint at Bankers Trust.

Interestingly, George was CEO of AMP’s investment administration business Cogent, before and after it was sold to BNP Paribas. She then had a decade stint at ING, spanning roles in Australia, the Czech Republic and Slovakia and the Asia-Pacific.

George joined ANZ in late 2013 before becoming head of the wealth unit in 2016 and starting sale processes for the life insurance, superannuation and advice divisions soon after. She was appointed the bank’s deputy CEO in 2018 and played a large role in ANZ’s COVID-19 response.

During her ANZ tenure she has been lauded for her people skills and on Thursday CEO Shayne Elliott highlighted ­George’s wealth management ­experience and wise counsel.

Her experience in wealth and banking will be key to turning around AMP’s troubled operations, particularly its financial advice arm, which continues to have strained relations with planners and pay out customer compensation as a result of the Hayne royal commission.

George’s ability to navigate the sale of ANZ’s wealth units to IOOF, including delays relating to legal action by the banking regulator, will also position her well in dealing with AMP’s regulatory issues. IOOF won the court action, but its leadership was up-ended by governance concerns aired at the royal commission.

If her prior comments are anything to go by, George likes a ­challenge. In 2019, she told The Australian’s The Deal magazine that, to make it to the top, “you need to take those roles that make you feel sick in the stomach”.

Her career advice to aspiring women includes working hard and “keeping it real”.

“Don’t start believing your own publicity,” George told the magazine, in a piece that focused on mother-daughter career advice. She has a daughter, ­Ashlee, and son Nathan, both in their twenties.

George continues to have ties to the Bega community, last year visiting her old high school to announce an annual scholarship worth $3000 to a high-achieving female student.

Given her passion for diversity and improving culture in financial services, staff at AMP may see the appointment as a much-needed change.

AMP endured several scandals last year, including Australia boss Alex Wade exiting abruptly for sending lewd photos to a female colleague and Boe Pahari losing the AMP Capital top job given the fallout from a prior sexual harassment incident. The issues also led to the departure of then AMP chairman David Murray.

George last year told Bega media: “I still think women have to work harder, and take a few more risks.”

In her new job, she will be taking a big risk and a role that will elicit a nauseating feeling.