Magellan Financial Group CEO and managing director David George has departed the business. The group has appointed a new executive chairman, Andrew Formica, while it searches for a replacement.
George will immediately step down from his role and as a director of the board. He remains available until the end of December for a handover, at which point he will be paid in lieu of the six months’ notice balance.
Formica will be on a six-month contract or until a new CEO has commenced. He is expected to return to the board after that point as a non-executive director and chairman.
The group also announced a change to its employee share purchase plan, with additional retention payments to be made for the majority of the staff by September 2025.