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Magellan Founder Douglass Resigns From Board Amid Turmoil

Hamish Douglass

Hamish Douglass

Source: Magellan Financial Group Ltd.

Magellan Financial Group Ltd. co-founder Hamish Douglass resigned from the Australian asset manager’s board, further winding down the former leader’s involvement with the troubled firm after taking medical leave last month.

Douglass stepped down as a director as of March 19, a move “due solely to his medical leave of absence,” and the board is continuing its search for a new independent director to replace him, the company said in a statement Monday.