Executive Chair appointed CEO at Magellan

Magellan Financial Group has announced to the ASX that executive chair, Brett Cairns, has been appointed as chief executive officer, effective 4 October 2018.

Cairns replaces incumbent CEO, Hamish Douglass, who in turn replace Cairns as chair. Magellan said that the changes "reflect a considered evolution" of the firm.

Commenting on his new role, Cairns said: "I am very pleased to accept the role of chief executive of Magellan. I see this appointment as a natural extension of a role I have been playing at Magellan since joining in an executive capacity more than three and a half years ago."

Douglass added: "Making this change reflects a progression of the roles Brett and I have been undertaking over the past few years. I have full confidence in Brett's ability to lead the day-to-day operations of Magellan as chief executive and I am excited to be able to concentrate on our client's investments and the ongoing strategic development of Magellan."

Cairns has served on the Magellan boards since 2007. He was appointed as chair in 2013, and then executive chair in 2015.

Magellan said that Cairns and Douglass will continue to work jointly on the ongoing strategic development of the firm.