HUB24 appointment concludes Magellan’s board renewal process
Magellan Financial Group has announced the conclusion of its board renewal process with the latest appointment of Cathy Kovacs as non-executive director.
The process, which began in November 2022, has resulted in a slew of leadership changes such as former Janus Henderson co-CEO, Andrew Formica, taking over as a non-executive chair from Hamish McLennan; and Deborah Page, a former chair of Pendal Group, coming on as a non-executive director from October.
Kovacs will take over as a non-executive director on 6 November from Colette Garnsey, who has informed Magellan of her intention to retire from board after the AGM on 8 November.
Kovacs will also join the MFG audit and risk committee and the remuneration and nominations committee, as well as the board of Magellan Asset Management.
She holds three decades of experience in financial services and has been a non-executive director of HUB24 since July 2021. She previously held senior roles at BT, Macquarie, Ellerston Capital and Westpac.
In her last executive role, Kovacs was responsible for driving Westpac’s strategic initiatives as its group head of business development and she also spent five years as head of equities at BT Financial Group.
Formica, said: “The board welcomes Cathy and recognises her deep experience in the financial services industry, where she has successfully guided emerging and established businesses. She has a proven capacity for strategic thinking in rapidly changing environments.”
Commenting on her appointment, Kovacs said Magellan has a strong history of innovation in funds management.
“I am looking forward to working with the board and the management team in the next phase of the company’s growth to create wealth for our investors and value for our clients,” she said.
According to the asset manager, this board renewal process was implemented to ensure the board has the right skill mix, independence, diversity, expertise and knowledge of the financial services and investment management industries.
From 8 November, the Magellan board will consist of: non-executive chair Andrew Formica; David George as chief executive and managing director; Hamish McLennan as deputy chair; and David Dixon, John Eales, Cathy Kovacs and Deborah Page as non-executive directors.
The board of Magellan Asset Management will consist of: non-executive chair Robert Fraser; David George as chief executive and managing director; David Dixon as deputy chair; and John Eales, Andrew Formica, Cathy Kovacs and Deborah Page as non-executive directors.
AUTHOR
Rhea Nath
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
