Monday, June 27, 2022
HomeBankingMagellan saga: Former chairman Hamish Douglass quits board

Magellan saga: Former chairman Hamish Douglass quits board

There’s been a brand new twist within the Magellan Monetary saga, with the corporate’s former chairman making an surprising announcement.

There’s been a contemporary twist at under-fire finances supervisor Magellan Monetary, with co-founder and previous chairman Hamish Douglass quitting the board as his scientific go away continues.

The tycoon Mr Douglass remaining month surprised the marketplace when he introduced he could be taking indefinite go away from the worldwide finances trade after a length of intense private {and professional} drive, together with the breakdown of his marriage.

The corporate on Monday mentioned their former chairman and as soon as superstar stockpicker had now surrender the board altogether because of his well being.

Consistent with the percentage registry, Mr Douglass keeps a 12 in keeping with cent stake within the corporate.

Magellan has been badly bruised throughout the Covid-19 disaster as months of deficient funding performances have been compounded via the surprise – and unexplained – departure of leader govt Brett Cairns in December.

This building adopted information Mr Douglass had break up from his spouse Alexandra. They launched a joint remark to the ASX to mention they’d no aim to promote down their stake in Magellan, however the corporate used to be apparently in loose fall because it entered 2022 after the lack of a significant shopper and persisted outflows.

In February it used to be introduced the daddy of 4 could be taking indefinite scientific go away.

Director and Rugby Australia chair Hamish McLennan used to be appointed chairman in his absence.

Consistent with its newest replace, Magellan’s finances below control since August have just about halved to $69.1bn, whilst Magellan itself is price about $7bn not up to it used to be in October after a percentage value plunge of just about 80 in keeping with cent.

Stepping in to regulate the corporate’s flagging world finances trade is Chris Mackay, who co-founded Magellan with Mr Douglass in 2006, whilst director and Rugby Australia chair Hamish McLennan will stand in as the corporate’s chairman.

The corporate remains to be on the lookout for an enduring leader govt and on Monday mentioned it could be proceeding its seek for a brand new impartial director.

Magellan stocks to begin with rose on Monday, hitting a nearly three-week top of $16.07, earlier than falling flat to $15.74 after an hour.




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