The chairman and chief investment officer of investment fund Magellan (ASX: MFG), Hamish Douglass, will take a period of medical leave to prioritise his health.
According to an ASX statement from the firm, the decision to take leave was made following a “period of intense pressure and focus on both [Douglass'] professional and personal life”.
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 62.65 per cent over the past 12 months.
Douglass will be replaced by co-founder Chris Mackay in the interim, who will head up the portfolio management of the firm’s global equity retail funds and institutional mandates.
In addition, deputy chairman Hamish McLennan will step up into the chairman’s seat for the duration of Douglass’ leave, and Robert Fraser will act as deputy chairman in McLennan’s place.
“The Board wholeheartedly supports Hamish’s decision to prioritise his health and Magellan is committed to providing him the time and support he requires,” McLennan said.
“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.”
Get our daily business news
Sign up to our free email news updates.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support