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Magellan completes board renewal process with new appointment

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The fund manager has added an experienced company director to its board.

Magellan Financial Group has added Cathy Kovacs as a non-executive director to its board, the latest in a string of appointments at the fund manager as it seeks to return to growth.

The latest appointment comes after Colette Garnsey informed Magellan of her intention to retire from the board at the conclusion of the next annual general meeting on 8 November.

Ms Kovacs is an experienced company director and financial services professional who has 30 years of experience across the financial services sector.

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She currently serves as a non-executive director of HUB24, OFX, Universities Admission Centre (UAC) for ACT and NSW, and Grapple Holdings.

Throughout her career, Ms Kovacs has held senior leadership roles at a number of firms including BT Investment Bank, Macquarie Group, Ellerston Capital, and Westpac.

As part of her appointment at Magellan, which is effective from 6 November, she will join the group audit and risk committee and the remuneration and nominations committee.

She will also be appointed as a non-executive director of the board of Magellan Financial Group’s main operating subsidiary, Magellan Asset Management.

“The board welcomes Cathy and recognises her deep experience in the financial services industry, where she has successfully guided emerging and established businesses,” commented Magellan chairman Andrew Formica.

“She has a proven capacity for strategic thinking in rapidly changing environments.”

Mr Formica also expressed gratitude to Ms Garnsey ahead of her departure.

“On behalf of the board, I sincerely thank Colette for her tremendous contribution and commitment over recent years,” he said.

Commenting on her appointment, Ms Kovacs said: “I am looking forward to working with the board and the management team in the next phase of the company’s growth, to create wealth for our investors and value for our shareholders.”

According to Magellan, these changes mark the conclusion of a board renewal process kicked off by the company last November which has resulted in the addition of four new directors.

“The board renewal program was implemented to ensure the board has the right skill mix, expertise, independence, diversity and importantly, deep knowledge of the financial services and investment management industries,” Magellan said.

“The board is confident it has the requisite skills and expertise to advance the company’s growth plans.”

Magellan’s board currently includes Mr Formica, who was named non-executive chairman in August, and Hamish McLennan, who is now deputy chairman and a non-executive director.

Other board appointments over the past year have included David Dixon, who joined last November, and Deborah Page, who is set to replace retiring board member Robert Fraser from 3 October.

Despite reporting a significant fall in profit and funds under management in its full-year results last month, Magellan said it had made a “solid start” on implementing its five-year strategy.

Magellan completes board renewal process with new appointment

The fund manager has added an experienced company director to its board.

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Jon Bragg

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.

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