Macquarie Names Greg Ward as Next CEO Following Shemara Wikramanayake's Retirement

Australian investment bank Macquarie Group has appointed longtime executive Greg Ward as its next chief executive, succeeding Shemara Wikramanayake, who will retire on November 6 after leading the company for nearly eight years.

Ward has spent three decades at Macquarie and most recently oversaw the group's retail banking business. During his tenure, the division expanded its efforts to compete with Australia's major banks in home lending and retail deposits.

Speaking after his appointment, Ward said the company's businesses had delivered consistent long-term growth and were well positioned for the future. He also noted that Macquarie maintains a conservative balance sheet, which he believes leaves the bank prepared to respond to changing market conditions and geopolitical uncertainty.

Investors viewed the leadership transition as a sign that Macquarie intends to continue the strategy introduced under Wikramanayake. During her time as CEO, the bank placed greater emphasis on asset management and infrastructure investment, reducing its reliance on more volatile investment banking revenue.

Macquarie Chair Glenn Stevens said both Wikramanayake and Ward had successfully guided the company through major global challenges, including the pandemic and international conflicts. He added that the board chose Ward through an internal succession process without considering external candidates.

The bank's shares slipped 0.6% on Thursday, while Australia's benchmark S&P/ASX 200 index recorded gains during the session.

Wikramanayake's leadership saw Macquarie's share price more than double since her appointment in 2018. She received A$26.5 million in compensation in 2025. Following shareholder concerns over executive remuneration at last year's annual meeting, Stevens said the board had reviewed its existing pay arrangements.

The company has not yet disclosed Ward's compensation package as incoming CEO.

Stevens also confirmed that succession planning is underway for his own replacement, with his retirement expected next year.

Separately, Macquarie reported that its Commodities and Global Markets division delivered a substantial increase in net profit contribution during the first quarter, supported by stronger commodities trading income. The bank does not publish quarterly profit figures.

At the annual general meeting, shareholders also questioned the appointment of KPMG as the company's new auditor. Stevens said Macquarie had initiated formal reviews of the audit selection process, including an independent review by law firm Allens, and stated that the board remains confident in the integrity of its decision.