Macquarie Group has appointed Greg Ward as the new CEO following Shemara Wikramanayake's retirement after eight years. Ward, who has been with Macquarie since 1996, currently leads the banking and financial services division and will officially take over in November. His promotion was anticipated due to his significant contributions in transforming the banking division. Wikramanayake was the first female CEO and oversaw substantial growth in the commodities trading sector, as well as advancements in renewable energy. Stakeholders expect a smooth transition with no major shifts in strategy, as Ward emphasized the company’s focus on international growth. Additionally, Macquarie faces scrutiny over its appointment of KPMG as auditor amidst an ethics scandal.

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Macquarie names banking head to succeed Shemara Wikramanayake as CEO

Greg Ward appointed to lead Australian investing giant

Montage of corporate portraits of Shemara Wikramanayake and Greg Ward Greg Ward, right, will take over from Shemara Wikramanayake as chief executive of Macquarie© Reuters

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Nic Fildes in Sydney

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Macquarie has appointed its banking head as its new chief executive after Shemara Wikramanayake announced her retirement following eight years in the role.

Greg Ward, 58, who leads the banking and financial services division of Macquarie, will take over as head of the Australian asset management and trading business in November.

He joined the company in 1996 and spent 14 years as group chief financial officer before leading Macquarie’s banking division, whose Australian retail operations have been transformed into a growth driver in recent years.

Glenn Stevens, chair of Macquarie, said on Thursday that Ward had the “right combination of skills” after leading its banking division, which has won significant market share in Australia.

Thomas Strong, a Citi analyst, said in a note he expected Ward’s appointment to be “well received” given his work at the banking division, which “has been regarded as one of the strong organic success stories within Macquarie”.

“Overall, given the internal appointment, we expect a smooth transition,” he said.

Wikramanayake was Macquarie’s first female chief executive. Her tenure was notable for the dramatic growth of its commodities trading business, which drove record profits during a period of high volatility in energy markets. She also led a push into renewable energy and digital infrastructure investments.

Running Macquarie is one of the most coveted and best-paid roles in Australian business, with Wikramanayake, 64, earning A$26.5mn ($18.5mn) last year. The decision to appoint Ward was made late on Wednesday night in Sydney.

Wikramanayake’s retirement had been expected and investors had considered Ward a potential frontrunner following the departures of Alex Harvey, the chief financial officer, last year and Nick O’Kane, head of its commodities business, in 2024.

Michael Silverton, head of Macquarie Capital, and Ben Way, head of its asset management arm, were also seen as potential candidates.

Stevens said Macquarie had maintained its practice of appointing from within. “There was no thought we needed to look outside the company at any point,” he said.

Ward said after his appointment there was no need for a big “reset” as Macquarie’s core divisions were performing strongly.

He added that his appointment did not signal a move by Macquarie to turn its back on international growth. The company makes two-thirds of its revenue outside Australia.

Ward noted that his previous role as finance chief coincided with Macquarie’s global expansion through acquisitions in Asia and the US, moves that established its trading and commodities divisions. “I did spend a lot of time overseas with those businesses,” he said.

The company held its annual meeting in Sydney on Thursday. At last year’s meeting, more than a quarter of investors rejected Macquarie’s executive pay policies after a series of regulatory fines over poor compliance and governance.

This year, Macquarie is under pressure to defend its appointment of KPMG as its new auditor after the Big Four firm was caught up in an ethics scandal.

Stevens told shareholders that Michelle Hinchliffe, a board member and chair of its audit committee who was a former senior KPMG partner, had recused herself from voting and scoring bids for the contract, which was awarded last year.

Nonetheless, Macquarie has initiated an external review of the “integrity” of KPMG’s bid for the audit contract. It has appointed Allens, one of the law firms KPMG used to investigate claims made by a whistleblower, to conduct the review.

Shares fell 0.5 per cent in Sydney on Thursday. They have jumped by a quarter this year, valuing the company at A$97bn ($67.8bn).

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