Douglass rejects idea of returning to CEO role
Magellan chair, Hamish Douglass, has said he is “disappointed” by the resignation of chief executive, Brett Cairns, but that he will not be stepping back into the role.
In a December investment update, Douglass gave more insight into the departure of Cairns, who joined Magellan in 2007, after his unexpected departure at the start of December.
Cairns took over the chief executive role from Douglass three years ago to allow Douglass to focus on the firm’s investment activity as chief investment officer.
“Brett was running the non-investment activities side of the business and had no involvement in our investment activities.
“In the New Year, the board will make a considered decision to appoint a new chief executive to look after those non-investment activities at Magellan. I will remain focused on the investment side of the business, I used to do that role but I won’t be stepping back into it.
“The resignation is disappointing but these things happen from time to time but it doesn’t affect any clients, we will have the right person in the role looking after that part of the business.”
The role was currently held by Kirsten Morton on an interim basis.
Douglass also touched on his divorce from wife Alex which was also announced in December and countered speculation they were planning to sell Magellan shares.
“People have tried to create the image that my wife and I are having a nasty divorce, nothing could be further from the truth and my wife and I remain incredibly close,” he said.
“People were saying we were going to dump shares, that is just absurd, we have never sold a share in Magellan.”
AUTHOR
Laura Dew
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