Investors described successor Greg Ward as a steady internal choice, signaling continuity in strategy with possible added emphasis on the Banking and Financial Services division.
Macquarie Group said Chief Executive Shemara Wikramanayake will retire this year, stepping down as managing director and chief executive officer on November 6, with current Head of Banking and Financial Services Greg Ward set to succeed her. Investor reaction indicated broad expectations of continuity rather than a strategic reset, with fund managers describing Ward as a logical internal appointment and a "safe pair of hands" who knows the business well through his experience across business lines, including as a former CFO. Some investors said the change could bring greater emphasis to the Banking and Financial Services division, which they described as a more stable contributor to profit than Macquarie Capital and a business that has been gaining market share. Macquarie had also said net profits rose in its commodities and global markets segment, while contribution from Macquarie Asset Management fell after the divestment of its North American and European public investments business. Chair Glenn Stevens said Wikramanayake had led the firm through new-market expansion, the COVID pandemic and stronger global brand recognition during her eight years as CEO and nearly four decades with the company.