In a statement to the Australian Securities Exchange (ASX), the asset manager announced executive chairman Chris Mackay – who will also take up a new role as special adviser to the company’s board – will be replaced by board member Dr Brett Cairns, a chemical engineer by trade, who has sat on the board since 2007.
“Magellan is an extraordinary organisation,” said the outgoing executive chairman. “Its excellent investment results, client focus, profitability, financial strength and more than 60 staff make this an ideal time for the transition.
“I am delighted that Dr Cairns, whom I have known well since 1979, will succeed me as the new chairman of MFG. I look forward to continuing to contribute to the ongoing success of MFG as special adviser,” Mr Mackay added.
The statement thanked Mr Mackay for his service, singling out his “vision and leadership”, which “provided a platform for the future success of Magellan”.
