Magellan (ASX:MFG) CEO Brett Cairns resigns

Magellan’s (ASX:MFG) chief executive officer Dr Brett Cairns is slated to step down due to personal reasons and chief financial officer Kirsten Morton will step in for the meantime.

Yesterday, the investment management group said Morton has a detailed understanding of the company’s operations, having held the role of CFO for over eight years. 

“Brett has been a long-standing and key member of our Magellan team. He commenced his journey with Magellan in 2007 as a non-executive director before transferring to our executive ranks in 2015, initially as executive Chairman and then becoming CEO in 2019,” said executive chairman Hamish Douglass.

“Brett was instrumental in the development of Magellan’s exchange traded products and in the development of Magellan’s retirement product, FuturePay.” 

Shares in Magellan Financial Group (ASX:MFG) are trading 1.3 per cent lower at $30.69.