Key facts
- Shemara Wikramanayake will retire as Macquarie Group CEO on November 6.
- Greg Ward, Head of Banking and Financial Services, has been appointed as her successor.
- Investors view Ward's appointment as a steady transition, expecting strategic continuity.
- Macquarie's commodities and global markets segment reported higher net profits.
- Ward successfully grew Macquarie's retail banking mortgage book to over 7% of the market.
Macquarie Group announced that Chief Executive Shemara Wikramanayake will retire on November 6, with Greg Ward, current Head of Banking and Financial Services, named as her successor. Investors view Ward's appointment as a logical and steady transition, expecting the bank to maintain its current strategic direction. Ward, who joined Macquarie Bank shortly after its 1996 listing, previously served as chief financial officer and navigated the firm through the 2008 financial crisis. He is also known for his career in Porsche racing. Under his leadership of the retail banking division, Macquarie has grown its mortgage market share to over 7% with nearly A$200 billion in mortgages. The company reported higher net profits from its commodities and global markets segment, while contributions from Macquarie Asset Management decreased due to a business divestment.