Dexus and Magellan Undergo Leadership Changes

Leadership Change at Dexus

Dexus (ASX: DXS), a prominent Australian real estate group, has recently made headlines as Chief Executive Officer Darren Steinberg announced his intention to step down from his position in 2024. Steinberg, who has served in this role for more than 11 years, will continue as CEO until his successor takes over and will actively facilitate a seamless transition. Dexus Chair Warwick Negus praised Steinberg's commitment to excellence and innovation, highlighting the high standard of governance that has characterized the company's leadership. The Dexus Board has been diligently planning for this leadership change throughout 2023 and is now embarking on the process of selecting Steinberg's replacement, a decision that will be informed by an extensive global search.

Steinberg expressed his intention to step down as part of a strategy to ensure continuity and a smooth transition of leadership at Dexus. He expressed confidence in the experienced and talented team at Dexus, leaving the company in a strong position for future success. Steinberg conveyed his pride in the collective achievements of the team and its dedication to delivering long-term value to investors, customers, and employees.

Andrew Formica Assumes Role of Executive Chairman

Magellan Financial Group Ltd, listed as (ASX: MFG), has also emerged in the headlines with a significant leadership transition. Effective immediately, Mr. Andrew Formica will take on the role of Executive Chairman as the company begins the search for a new Chief Executive Officer. David George, who held the position of Chief Executive Officer and Managing Director of Magellan Asset Management Limited, has stepped down and will cease his role as Director of the Board.

George's contributions to Magellan during a challenging period were acknowledged, particularly for his role in stabilizing and enhancing the core funds management business, diversifying the company's strategy, and expanding client solutions. While David George will be available for a handover until December 31, 2023, he will be paid in lieu of the balance of six months' notice.

The appointment of Mr. Formica as Executive Chairman aims to maintain stability and ensure Magellan's continued pursuit of strategic objectives and improved performance. Formica, in consultation with David George, plans to refocus leadership to accelerate the company's progress. The Board will be actively seeking a new CEO, and the focus remains on delivering exceptional investment performance and fostering talent to achieve performance excellence.

Magellan is committed to addressing Employee Share Purchase Plan (ESPP) Loans and has announced additional retention payments to close out ESPP Loan balances for most staff by September 2025. The company is also developing a new employee accountability and alignment model, aligning incentives with client and shareholder outcomes. The Board renewal process is now complete, and Magellan is poised to regain its position as one of Australia's leading fund managers.

Both Dexus and Magellan are entering a phase of transition, setting the stage for fresh leadership and continued growth in their respective sectors. These changes represent a critical moment in the evolution of these prominent companies.

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