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Something happened, now this stock is moving

Magellan Financial Group Ltd (ASX:MFG) made an announcement and now the stock is trading 3.91% higher at 10am Sydney time.

Magellan Financial Group has announced the appointment of Mr. David George from Future Fund as Chief Executive Officer and Managing Director of the company following a global search. With over 20 years experience across analytical roles, investment management and organisational leadership in Australia and Canada, Mr. George will commence his role as CEO and MD from August 8th, 2022. Mr. George will be paid a base salary of $1.8m per year, as well as a signing bonus of $600,000 and will be eligible for a bonus equivalent to 100% of his salary each year.

Following today’s announcement, Magellan Financial shares are now down 13.30% year-to-date.

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