Macquarie chief to step down after eight years at the helm

After nearly four decades at Macquarie, chief executive and managing director Shemara Wikramanayake will retire from the role in November.

Current head of banking and financial services Greg Ward has been named as Wikramanayake's successor, effective November 7, subject to necessary approvals.

Wikramanayake will also step down from the boards of Macquarie Group and Macquarie Bank.

Wikramanayake joined the banking giant in 1987, having led various business divisions, including its asset management business for more than a decade, across Hong Kong, Malaysia, New Zealand, and Australia. She was appointed the chief executive and managing director in December 2018, succeeding Nicholas Moore who served as the chief executive for 10 years.

Wikramanayake said she leaves the company understanding Macquarie is well positioned for growth.

"The great privilege of this role lies in empowering Macquarie's talented team to perpetuate our unique culture of identifying opportunities and taking accountability for delivering on them to drive sustainable, positive outcomes for our stakeholders," she said.

"Looking forward, I take confidence in the strength of the team, and particularly in Greg's ability to build on the legacy of our six decades of history. We have worked together for 30 years, and his track record, leadership and integrity make him an excellent candidate to be Macquarie's next chief executive."

Meanwhile, incoming chief executive Ward added: "I'm honoured to be asked by the board to succeed Shemara as Macquarie chief executive."

"Shemara leaves Macquarie incredibly well positioned, with each of our businesses performing strongly. I look forward to working with the board, management and our entire Macquarie team to build on Shemara's legacy for the benefit of all of our stakeholders."

Macquarie chair Glenn Stevens thanked Wikramanayake for her extensive contributions and leadership over the years.

"In considering the transition from Shemara's ground-breaking tenure, the board is pleased to have an experienced candidate of Greg's calibre to lead Macquarie through its next phase of growth and looks forward to working with him as he brings his global experience and proven ability as a business and technology leader to build on this momentum in the years ahead," Stevens said.

Stevens also thanked Wikramanayake for her contribution.

"The board extends its heartfelt thanks to Shemara, who leaves Macquarie in a strong position, with sustained growth across each of our diverse businesses and a highly capable senior team," he said.

"Over her last eight years as chief executive, and for almost four decades with the company, Shemara has steered Macquarie through expansion into new markets, the dislocation of the COVID pandemic, and significantly enhanced recognition of our brand and the value we bring to global clients and communities."