Magellan is searching for a new CEO after the departure of David George
Interim CEO and chair Andrew Formica says is open to acquisitions
Magellan says it will commit over $7m to help staff repay loans
Magellan chairman Andrew Formica has ditched outgoing chief executive David George’s ambition to restore the investment manager’s assets to $100 billion as he searches for a replacement CEO to enact a turnaround.
Mr Formica, the 52-year old former co-chief executive of Janus Henderson, will step up as executive chairman after Mr George exited the top job at Magellan on Wednesday. Mr Formica has no intention of taking on the role as a permanent successor to Mr George.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
