The Magellan Financial Group Ltd (ASX: MFG) share price is in the red in early trading on Tuesday following a company announcement.
At the time of writing, the fund manager's shares are down 0.9% to $12.05 apiece.
In comparison, the S&P/ASX 200 Index (ASX: XJO) is also edging lower by 0.35% to 6,663 points.
What did Magellan announce?
In a statement to the ASX, Magellan advised that David George will join the board of the company. George was previously announced as Magellan's CEO and managing director.
George's addition to the board, as well as the board of Magellan Asset Management (the main operating subsidiary), will take effect today.
This comes as Magellan co-founder Hamish Douglass will resume working with the business in a new consultancy role.
In that function, Douglass will be tasked with providing valuable investment insights, including geopolitical and macroeconomic views, to Magellan.
He is expected to commence the position on 1 October 2022.
Magellan chair Hamish McLennan said:
We welcome David to the Board of Magellan in his role as CEO and Managing Director of the Company. His investment management experience brings deep expertise and a fresh perspective to the Board.
Magellan's new CEO David George added:
I am excited to join Magellan as CEO. This is an important period for Magellan to demonstrate value to clients and shareholders, and I am confident we will deliver the strategy and strong investment performance to support this.
I look forward to working with the Magellan Board as we restore growth to the business.
It appears the broader market may be dragging down the Magellan share price today after overnight losses were recorded on Wall Street.
About the Magellan share price
Tough trading conditions mixed with wider market volatility have led the Magellan share price to sink 43% in 2022.
The company's shares are also down 77% over the past 12 months.
The Magellan share price reached a multi-year low of $11.38 last Friday – a level not seen since August 2014.
Magellan commands a market capitalisation of around $2.22 billion.
