Hamish Douglass has revealed his plans to step down from his duties as chairman, director and chief investment officer from Magellan Financial Group
(ASX:MFG).
The co-founder is set to take a period of medical leave after a period of “intense pressure and focus” on both his personal and professional life.
Co-founder Chris Mackay is slated to return to the investment team and oversee portfolio management for the interim, while Nikki Thomas will rejoin the business as a co-portfolio manager. Meanwhile, the board will continue its search to appoint an additional independent director.
“The board wholeheartedly supports Hamish’s decision to prioritise his health and Magellan is committed to providing him the time and support he requires," said Magellan’s chairman Hamish McLennan.
“I am grateful that Chris Mackay has agreed to oversee the portfolio management of Magellan’s global equity retail funds and global equity institutional mandates, alongside Magellan’s excellent existing global portfolio managers."
Shares in Magellan Financial Group
(ASX:MFG) are trading 10.6 per cent lower at $16.55.
