Andrew Formica named new Magellan chairman
Jonathan ShapiroSenior reporter
Updated
Key Points
- Why it matters: Activist target Magellan has a new chairman, Andrew Formica.
- He joins the board at a challenging time for the business and listed fund managers.
- Magellan’s annual financial results are due to be released on Friday.
Magellan Financial has appointed former Janus Henderson co-chief executive Andrew Formica as its chairman less than a month after he joined the board.
The decision to elevate Mr Formica to the top governance role comes on the eve of Magellan’s full-year profit result due on Friday. Former Pendal chairwoman Deborah Page has also joined the board as non-executive director, replacing the retiring Robert Fraser.
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