Douglass, who took a medical leave of absence at the start of February, was previously chair of the asset manager as well as chief investment officer and portfolio manager.
A statement to the Australian Securities Exchange (ASX) said his departure was effective from 19 March, 2022 and was due solely to his medical leave of absence.
Douglass’ chair role was currently being taken over by former deputy chairman, Hamish McLennan, who was appointed as non-executive chairman.
The firm said it would seek to recruit an additional independent director.
In the firm’s results earlier this month, it did not confirm when Douglass would be returning to Magellan.
