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Macquarie Group announced that Shemara Wikramanayake will retire as managing director and chief executive officer on 6 November, following eight years in the role and almost four decades at the bank.
In her stead, the board appointed current head of banking and financial services Greg Ward as her successor, subject to the necessary regulatory approvals.
Wikramanayake will also step down from the boards of Macquarie Group Limited and Macquarie Bank Limited on 6 November, with Ward joining both boards the following day when he officially assumes the role.
Announcing the reshuffle, Macquarie chair Glenn Stevens credited Wikramanayake with leading Macquarie through expansion into new markets, navigating the disruption of the COVID-19 pandemic and strengthening the group's global brand and reputation.
"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," Stevens said.
"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."
Wikramanayake said leading Macquarie had been a privilege, and backed Ward to continue building on the her work.
"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.
"We have worked together for 30 years, and his track record, leadership and integrity make him an excellent candidate to be Macquarie's next CEO."
Ward joined Macquarie in 1996, the year the company listed on the Australian Securities Exchange.
He served as global chief financial officer for 14 years before being appointed deputy managing director and, in 2013, became head of Banking and Financial Services, where he led the repositioning of the division into a major player across Australian personal banking, business banking and wealth management.
"I'm honoured to be asked by the Board to succeed Shemara as Macquarie CEO," said Ward.
"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."
[Related: Macquarie’s loan book growth eclipses big 4 rivals]
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