MACQUARIE GROUP LIMITED (ASX:MQG) has named banking division head Greg Ward as its next chief executive, with Shemara Wikramanayake set to retire in November after eight years leading the global financial services group.
Ward, 58, will succeed Wikramanayake after more than three decades at Macquarie, including 13 years running its Banking and Financial Services division, which incorporates the group’s rapidly expanding Australian retail bank.
Macquarie shares fell 0.5% following the announcement, but rallied to be up over 1% by midday.
Leadership transition
Wikramanayake, 64, became Macquarie’s chief executive in late 2018 and has overseen the group through a period of significant expansion across asset management, infrastructure, commodities and retail banking.
Her retirement will mark the end of a long career at Macquarie, where she became the first woman to lead the company.
Ward joined Macquarie in 1996 and previously served as chief financial officer for 14 years before taking control of Banking and Financial Services in 2013.
Retail banking growth
Ward has led the expansion of Macquarie’s consumer banking operations, which have become an increasingly important part of the group’s earnings base.
The division provides personal banking, business banking and wealth management services, including deposits, home loans, credit cards and investment products.