The Magellan Financial Group Ltd (ASX: MFG) share price slipped today on the appointment of a new non-executive director. At the time of writing, the Magellan share price is down 2.5% to $59.45. In comparison, the S&P/ASX 200 Index (ASX: XJO) is also down 1.3% at 6,517 points.
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What is driving the Magellan share price?
The Magellan share price fell after management announced that Colette Garnsey would take the role as non-executive director, effective immediately. Ms Garnsey will join her colleagues in the Magellan audit and risk committee, and the remuneration and nominations committee.
Ms Garnsey has more than 40 years of experience in retail, marketing and distribution, and holds executive MBA from the Graduate School of Business at Stanford University.
Her current notable appointments include serving as chair of Australian Wool Innovation Limited, and the R&D and marketing organisation for the Australian wool industry. In addition, she is a non-executive director of Flight Centre Travel Group Ltd (ASX: FLT) and Seven West Media Ltd (ASX: SWM). Both of the latter positions were appointed in February and December 2018, respectively.
Previous senior roles involve David Jones, Pacific Brands, and Premier Investments Limited (ASX: PMV). Furthermore, Ms Garnsey held directorial and advisory positions for an array of government boards and not-for-profit organisations. Some of these roles include CSIRO, the Australian Government Innovation Council, federal trade and investment ministers, and Australian Fashion Week.
In 2012, Ms Garnsey was awarded as a Member of the Order of Australia for services to business and professional organisations.
What did management say?
Magellan chair Hamish Douglass congratulated Ms Garnsey on her new role, saying:
We are delighted that Colette has agreed to join Magellan. She is extremely accomplished and well respected. Her established experience in a wide range of executive and advisory roles will bring a fresh perspective to the board as Magellan continues to grow and evolve.
Ms Garnsey said she was very pleased to be joining Magellan and looked forward to working with the Magellan board "as the company continues to grow from strength to strength".
About the Magellan share price
After reaching an all-time high of $74.91 in February, the Magellan share price plummeted to a multi-year low of $30.10 in March. Magellan shares have stagnated somewhat since the start of June, sitting at around $59.00.
The company has a market capitalisation of $10.9 billion and a price-to-earnings (P/E) ratio of 27.2.
