It is six weeks sinceDouglass spectacularly announced he was taking medical leave for an unspecified time as he struggled to deal with the intense focus around his personal life and the performance of the funds he oversaw as Magellan’s chief investment officer.
While he resigned as chairman at the same time and was replaced by Hamish McLennan,Douglass remained on the board until now. When Douglass returns - assuming he does return - Magellan will have moved on in some respects.
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The funds management company needs to adapt to life without Douglass and create a governance structure that does not have him at its epicentre.
There is a decent chance that Douglass will not return to the board and the only executive director will be the chief executive - a role that Magellan is still on a search to fill following the abrupt and unexplained departure ofBrett Cairns late last year.
If he does return he does not want to do so as the public face of Magellan according to some people close to him. His aversion to the limelight is understandable given he has now experienced the negative aspects of fame.