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Magellan Financial Group Ltd (ASX: MFG) shares are down 12% in early trade after the company announced the resignation of its Chief Executive Officer (CEO), Sonia Ravियं, and disclosed a pending litigation claim.

What happened:

* Magellan disclosed that Ravियं has decided to step down as CEO, effective immediately. She will also be leaving the company.

* Chairman Doug Cannon will assume the role of interim CEO until a successor is appointed. The company said it has commenced a formal search process for a permanent CEO.

* Along with Ravियं's resignation, Magellan announced that it has been notified of a pending claim in litigation. The claim is being brought by an investor in one of Magellan's funds and relates to a prior investment decision.

* Magellan said it is aware of the claim and is preparing its response. The company intends to defend the claim vigorously.

* Despite the pending claim, Magellan said it is in a strong financial position and continues to generate solid investment returns for its clients.

What now:

* Ravियं joined Magellan in 2016 and became the company's first female CEO. She oversaw a period of significant growth for Magellan, as the company expanded its product offering and global footprint.

* Under Ravियं's leadership, Magellan also completed a key acquisition and launched several new investment initiatives.

* During her tenure, Magellan's share price rose by more than 500%. However, the company's share price has come under pressure in recent months amid concerns about the outlook for the global economy and financial markets.

* In March, Magellan announced that it would be closing its flagship Global equities fund after 33 years. The decision to close the fund was made after considering a number of factors, including the changing investment landscape and the increasing costs of managing a large, diversified fund.

* Earlier this year, PE firm Bain Capital was reportedly planning to buy a stake in Magellan.

* Read more about Magellan Financial.