Diminished AMP trims potential CEO bonuses

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AMP has reduced chief executive Francesco De Ferrari’s potential bonuses by as much as $4.6 million to reflect the company’s diminished value since his appointment was announced.

Mr De Ferrari had been in line to receive $16 million worth of so-called buyout and recovery incentives, the latter dependent upon a recovery in the company’s shares, but the amount was based on a $3.44 share price ahead of his appointment a year ago.

AMP has adjusted the targets and incentives to reflect a share price decline to $2.45 just before he started in January, dropping the value of the buyout and recovery incentives to $11.4 million.

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