The Magellan Financial Group Ltd (ASX: MFG) share price is tumbling lower again on Tuesday.
In morning trade, the struggling fund manager's shares are down 3.5% to a 52-week low of $29.96.
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Why is the Magellan share price falling?
Investors have been selling down the Magellan share price following the release of an announcement after the market close on Monday.
According to the release, the Board of Magellan has been informed by Dr Brett Cairns that he has resigned as Chief Executive Officer and will be leaving the company.
The release explains that Dr Cairns is leaving for personal reasons.
In response to the news, Magellan's Executive Chairman, Hamish Douglass, commented: "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."
"Brett was instrumental in the development of Magellan's exchange traded products and in the development of Magellan's retirement product, FuturePay. On behalf of the Company, I would like to thank Brett for his extensive contribution to Magellan since 2007 and wish him all the very best in his future endeavours," he added.
What now?
Magellan will now be looking for a new permanent CEO, but in the meantime it has promoted its Chief Financial Officer, Ms Kirsten Morton, to the top job on an interim basis.
The company notes that Ms Morton has been the Chief Financial Officer of Magellan for over eight years and has a detailed understanding of the company and its operations.
Mr Douglass said: "Kirsten is ideally positioned to take on the responsibilities and drive Magellan forward. The Board and I are very pleased to be working with Kirsten."
The Magellan share price is down ~44% in 2021.
