I think you missed my point. Magellan's problem right now isn't...

I think you missed my point. Magellan's problem right now isn't technical. They have all the "investment talent" that they could possibly ever need in the world, so why appoint another CIO-type as CEO? CIOs manage portfolios, they are completely clueless about company strategy and how to turn things around at a company level and add new revenue streams.

Think about people like Larry Fink and Shamara W from Macquarie - they aren't investors, but they build, manage and de-risk large conglomerates and their job is to reduce reliance of otherwise good businesses on any one revenue stream.

What Magellan did here just sounds like corporate Australia. Musical chairs and golden handshakes between industry insiders - this new CEO looks like a deadbeat who is going to add zero value to Magellan. If Magellan needed a CIO, he's a solid candidate, but as a CEO? This is no visionary and it doesn't even look he has any experience in building a company.

The Magellan works only for management.