Hamish Douglass has resigned from the board of troubled funds manager Magellan following his medical leave of absence announced last month.
The company on Monday said Mr Douglass had resigned from the board with effect from Saturday, March 19.
Magellan’s Hamish Douglass announced in early February he was taking a period of medical leave “after a period of intense pressure and focus on both his professional and personal life.“. Credit:Janie Barrett
“Mr. Douglass said his resignation as a director of the Magellan Board is due solely to his medical leave of absence. The Magellan Board is continuing its search process to appoint an additional independent director,” the company said in an ASX announcement.
On February 7, Mr Douglass announced he was taking a period of medical leave “after a period of intense pressure and focus on both his professional and personal life.”
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The same announcement said Mr Douglass, who was previously the chairman and chief financial officer, would take a leave of absence as a director.
Magellan has seen its share price collapse in recent months due to underperformance, the abrupt departure of a former CEO, and its biggest client pulling its funds.
More to come
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