Departed AFL boss Gill McLachlan hasn’t run his race just yet

Gillon McLachlan, right, with Victorian Labor MP Anthony Carbines on Cox Plate Day at the Moonee Valley Racecourse. Picture: Mark Stewart

In his status as newly unemployed – as of about five weeks ago – former boss of the Australian Football League, Gillon McLachlan, was back at Flemington on Thursday, doing the rounds of the Birdcage.

Job hunting, maybe, via the Melbourne network and maintaining visibility, or just soaking up the stunning conditions on show for Oaks Day, the third race meeting of the unfolding Melbourne Cup Carnival, which ends on Saturday.

McLachlan’s replacement Andrew Dillon was doing the rounds too, albeit at a lower altitude, with the pair seen enjoying chef Luke Mangan’s fare at Lexus and Dillon expected to later venture to Furphy further up along the track.

Former Premier Investments boss Mark McInnes, who has spent his time tripping about Australia and the world with his family since he left the employ of retail billionaire Solly Lew, was at Lexus with his lovely wife Lisa.

The couple were late arrivals after watching their son Will play school representative cricket in the morning.

Sophie and Michael Photios. Picture: Newsmatrix

McInnes finishes his gardening leave in February, leaving plenty of time for the fun and games of an impending Sorrento summer.

Melbourne racing royalty and Jayco caravans billionaire Gerry Ryan was also there, along with Melbourne Cup-­winning trainer Danny O’Brien and his wife Nina.

Heavy hitters from the fashion industry were also out in force, including designer Arthur Galan, Oroton creative director and minor shareholder Sophie Holt, former Victorian premier Ted Baillieu’s daughter Eleanor Baillieu, who is a brand and marketing consultant, and Mecca executive Marita Burke.

A five-minute stroll to Furphy saw activity on the dance floor kicking off early, with Michael Photios exhibiting some serious stamina in fronting up for his third day of the cup ­carnival.

The lobbyist and former NSW Liberal pollie was shaking his booty to John Farnham’s You’re The Voice, there along with his Macquarie Bank economist daughter Sophie Photios.

Former professional tennis player and sports commentator turned Liberal member of Victoria’s Legislative Assembly, Sam Groth was also a guest of the brew house.

Magellan overhang

How quickly time flies.

Former Magellan Financial chief investment officer Hamish Douglass has endeavoured to keep a low profile since he formally exited the funds management business he co-founded with Chris Mackay.

It’s now been a full calendar year since Douglass shocked the market by then revealing that he had sold two thirds of his remaining stake in Magellan – 13 million shares – for $118.3m, despite declaring publicly earlier in the year that he and his now estranged wife had no intention of flogging stock.

When that sale was done via Barrenjoey, Douglas entered into an agreement with the investment bank that he would not sell any additional shares in Magellan for the next 12 months.

That escrow period has just expired, so Douglass’s remaining 3.7 per cent or so of Magellan could be considered an overhang on the already depressed fund manager’s share price.

Former Magellan chairman Hamish Douglass. Picture: Britta Campion

Douglass sold at $9.10 a share, but the stock is now at $7.01. As far as we can ascertain, his $400,000-a-year consultancy agreement with Magellan to provide “macroeconomic and geopolitical investment expertise”, which began in October last year, is still on foot.

Money well spent? You’d have to wonder.

As for Mackay, who endures as managing director and portfolio manager at Magellan Capital Investments, he sold down his Magellan Financial stake in August, netting $112.8m. He sold a 6.6 per cent stake, or 12 million shares, at $9.40 to reduce his holding from 8.42 per cent to 1.8 per cent. In August his adult children had another 1.13 per cent in the company and may still have that.

Together that means the co-founders still have a combined direct stake of about 5.5 per cent (if Mackay hasn’t quietly continued his selldown). Not they make decisions as a collective anymore anyway.

At the current share price, Mackay’s remaining stake is worth $24m and Douglass’s about $47m.

How the times have changed.

Wirth’s rocky debut

The stench of Qantas followed Olivia Wirth, the almost out-the-door head of loyalty at the much diminished national carrier, to her debut as a listed company non-executive director on Thursday.

Wirth, who was yesterday elected to the board of Myer, was greeted at her first annual meeting with a hostile reception from some quarters of the floor, with Myer investors unhappy a Qantas exec was polluting the department store group’s top table. Wirth tried to declare that Qantas, like Myer, had been one of Australia’s most respected brands, before she was shouted down by a questioner who took some time to subdue.

Wirth had been asked about what lessons she’d learned from the Qantas reputational crisis, which outgoing chair JoAnne Stephenson ruled was something better canvassed in a Qantas forum.

Myer board appointee Olivia Wirth’s first day on board was not exactly warmly received. Picture: Damian Shaw

Wirth was polite, but firm, offering to take the discussion “offline” with the shareholder once the meeting was over and afternoon tea served.

Stephenson, who is being replaced as chair by also McPherson’s chair Ari Mervis, told the meeting her best decision as chair was the appointment of CEO John King, who is leaving at some time next year – watch for his next lot of options to vest.

A search is already under way for his replacement to run the $2.8bn-a-year operation. Wouldn’t they be crazy not to talk to Wirth? She’s 48 and leaves Qantas in February after missing out on the top job there to Vanessa Hudson.

Maybe they already have.