Magellan gives board seat to HUB24 director

Cathy Kovacs
Magellan Asset Management Limited - Director
Magellan Asset Management Limited
Date: 11 September 2023
Position: Director
By Elizabeth Fry

Magellan Financial Group has finalised its board renewal with the appointment of Cathy Kovacs as a director.

The move to renew Magellan's directors which began last November has resulted in the appointment of former Janus Henderson co-CEO, Andrew Formica, taking over as a non-executive chair from Hamish McLennan and former Pendal Group chair Deborah Page.

Kovacs will take over from Colette Garnsey, who will retire from the board in November.

She will also join the Magellan audit and risk committee, and the remuneration and nominations committee and sit on the Magellan Asset Management board.

Kovacs has been a director of HUB24 since July 2021.

She previously held senior roles at BT, Macquarie, Ellerston Capital and Westpac.

In her last executive role, Kovacs drove Westpac's strategic initiatives as its group head of business development.

She also spent five years as head of equities at BT Financial Group.

"The board welcomes Cathy and recognises her deep experience in the financial services industry, where she has successfully guided emerging and established businesses. She has a proven capacity for strategic thinking in rapidly changing environments," Formica said.

Commenting on her appointment, Kovacs said she looked forward to working with the board and the management team in the next phase of the company's growth to create investor wealth.

Aside from Formica and Kovacs, the post November Magellan board will comprise David George as chief executive and managing director; Hamish McLennan as deputy chair; and David Dixon, John Eales, and Deborah Page as non-executive directors.