When Sophia Rahmani, chief executive of Magellan Financial Group, was hired by the once high-flying investment manager last May, she effectively spent 10 months as CEO-in-waiting.
Rahmani was appointed managing director of Magellan Asset Management to work under then-executive chairman Andrew Formica, on the understanding that after a transition period she would take the reins and Formica would step back to a non-executive role.