"We do have a plan in place to return Magellan to growth and to turn around the company," Andrew Formica told disgruntled shareholders at the embattled fund manager's annual meeting on Wednesday.
"To do this we must execute our strategy over the long-term, but also address the current challenges facing the business."
The board received a "first strike" as shareholders rejected its remuneration report on executive pay, meaning the entire board would have to stand for re-election if it is hit with a second strike next year.
A final outcome on the voting had not yet been announced but an early tally showed 58 per cent voting against it and Mr Formica acknowledged the report would fall short of the 75 per cent majority required.
Magellan has struggled since its star stockpicker and co-founder Hamish Douglass left abruptly in February 2021.
Its had just $34.3 billion in assets under management as of October 31, down from $114.8 billion two years ago, while its share price has fallen from about $55 in July 2021 to around $7 in recent weeks.
"I acknowledge and appreciate we have tried your patience over the past two years," Mr Formica told shareholders.
"The significant reduction in the share price, driven by the large shift in client assets we manage, has created a very difficult position for our long-standing shareholders."
The former co-CEO of Janus Henderson, Mr Formica joined Magellan as chairman in August and recently stepped into an executive chairman role while the asset manager searches for a new CEO to replace David George, who left last month.
Mr Formica said candid conversations between him and Mr George had made it clear that Magellan would be suited for a leader who could commit to a longer tenure as CEO and had a skillset of acquiring founder-led firms.
He said as of June 30, Magellan had $945 million in cash and financial assets and was actively exploring opportunity to invest in high-quality teams and capabilities.
"Magellan's extensive platform provides us with a competitive strength that is not easily replicable," he said.
Despite its recent struggles, Magellan remains profitable, making $174 million in 2022/23, but shareholder morale is so low that one even asked if there was a risk of the company collapsing.
Mr Formica replied that he saw the risk as "very low."
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