In an ASX listing on Monday, Magellan Financial Group confirmed that co-founder Mr Douglass has resigned from the board, with effect from 19 March.
The resignation is “due solely to his medical leave of absence”, the wounded fund manager said.
“The Magellan board is continuing its search process to appoint an additional independent director,” Magellan confirmed.
Mr Douglas took a leave of absence from his roles as chairman and chief investment officer in February, after a period of intense pressure and focus on both his professional and personal life.
“The board wholeheartedly supports Hamish’s decision to prioritise his health and Magellan is committed to providing him the time and support he requires,” Magellan’s chairman, Hamish McLennan, said at the time.
Following the announcement, Magellan’s share price and funds under management (AUM) sunk.
At the publication of its half-yearly results earlier this month, Magellan co-founder Chris Mackey confirmed a structure is being worked on to bring Mr Douglass back.
“Hamish appears to be recovering, we’re already working on thoughtful structures for him to come back safely to focus on investment, to reconnect with global clients and deliver what investors need.”
This is a good group, they will be fine.
Might feel a bit silly now making the place look like a cult of personality all these years though.