Magellan Financial Group (ASX:MFG) - Incoming CEO and Managing Director, David George
Incoming CEO and Managing Director, David George
Source: Future Fund
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  • Magellan Financial Group (MFG) appoints a new Chief Executive Officer and Managing Director following a global search
  • Respected investment leader, David George, will join the company from August 8, accepting a $1.8 million salary per annum, along with a signing bonus of $600,000
  • The incoming CEO will take direct responsibility for MFG’s investment functions as well as having overall responsibility for Magellan’s operations
  • Kristin Morton will continue in the role of Interim CEO until David George’s start date, before moving into a dual position of Chief Operating Officer and Chief Financial Officer
  • Magellan Financial Group is up 1.76 per cent, trading at $16.15

Magellan Financial Group (MFG) has appointed a new Chief Executive Officer and Managing Director following a global search.

David George, a respected investment leader with over 20 years of experience across analytical roles, will step into the position from August 8, 2022.

Mr. George comes from Future Fund, where he most recently held the role of Deputy Chief Investment Officer, Public Markets where he oversaw an asset base of more than $170 billion.

In this role, Mr. George was pivotal in driving investment processes, as well as supporting a diverse and inclusive team culture.

Magellan’s Chairman Hamish McLennan said the company is delighted to appoint Mr George to the position.

“As an external hire, David brings an outstanding investment management pedigree, a strong client service and results orientation and fresh perspectives to our team,” Mr McLennan said.

“The Board was unanimous in its view that David is the right person to lead Magellan.”

The incoming CEO will take direct responsibility for MFG’s investment functions as well as having overall responsibility for Magellan’s operations.

“I have long admired Magellan and the role it plays in safeguarding and growing the wealth of its investors across the world,” Mr George said.

The role comes with a $1.8 million salary per annum, along with a signing bonus of $600,000 payable in two instalments.

Kristin Morton will continue in the role of Interim CEO until David George commences in his new role. She will them move into her dual position of Chief Operating Officer and Chief Financial Officer.

Magellan Financial Group shares rose 1.76 per cent, trading at $16.14 at 1:43 pm AEST.

MFG by the numbers
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