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Shares in Australian investment manager Magellan Financial Group (ASX: MFG) have dipped in the wake of co-founder and director Hamish Douglass announcing his resignation.
In a short ASX statement, Magellan said Douglass’ resignation was “due solely to his medical leave of absence” which commenced in early February.
At the time, Douglass claimed the decision to take leave was made to prioritise his health following a “period of intense pressure and focus on both his professional and personal life”.
Magellan says it is looking for a replacement independent director.
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It comes after the chairman and figurehead of the firm endured a public split from his wife, the departure of the company’s CEO Brett Cairns in December 2021, and the collapse of the MFG share price - down 72 per cent since early-July last year.
That downward trajectory has continued today, with Magellan shares falling by 3.18 per cent following the release of the announcement this morning.
As of the time of writing, shares in MFG are trading at just $15.26 per share. At their peak in February 2020, just before COVID-19 was declared a global pandemic, securities were worth around $74 each.
Douglass is currently being replaced by co-founder Chris Mackay for the interim, who is leading the portfolio management firm’s global equity retail fund's and institutional mandates.
In addition, deputy chairman Hamish McLennan stepped into the chairman’s seat while Robert Fraser will is acting as deputy chairman in McLennan’s place.
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