Magellan Financial Group in Search of new CEO following David George’s Immediate Resignation

David George, who served as the CEO and Managing Director of Magellan Financial Group, has resigned from his position, effective immediately, after slightly over a year in the role. He will also relinquish his role as a member of the board.

Magellan, in an announcement to the ASX (Australian Securities Exchange), stated that Andrew Formica would assume the position of Executive Chairman during the search for a new CEO. Andrew Formica, who took on the role of Chairman in July and previously served as the CEO of Janus Henderson, expressed his commitment to leading Magellan until a new CEO is appointed. He extended gratitude to David for his contributions during a challenging period for the company, particularly his efforts in stabilizing and enhancing the core funds management business.

This turn of events comes shortly after the company’s announcement of completing a board renewal process. Magellan recently reported a decrease in funds under management, from $39 billion to $35 billion in September, with the most substantial decline occurring in the global equities division. The breakdown shows $16.2 billion in retail and $18.8 billion in institutional assets, down from $17.5 billion and $21.5 billion, respectively, at the end of August.

David George was appointed in May 2022, receiving a base salary of $1.8 million as the asset management firm sought to rebuild following Hamish Douglass’s temporary leave of absence.

Among his objectives was to rebuild the company’s assets under management to $100 billion within five years and enhance the performance of the flagship Magellan Global fund. He was later appointed as Chief Investment Officer in October 2022 but stepped down from that role in August 2023.

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