Macquarie Group CEO Shemara Wikramanayake to retire
- Long-serving leader Shemara Wikramanayake will step down from Macquarie in November.
- Shares in the investment bank have more than doubled during her eight-year tenure.
- Retail banking head Greg Ward will take over as chief executive after three decades with the group.
Macquarie Group (ASX:MQG) has announced that CEO Shemara Wikramanayake will retire on Nov. 6 after nearly eight years in the top role.
The departure follows a period where the investment bank shifted focus towards asset management and infrastructure, which reduced its reliance on volatile investment banking fees.
"Over her last eight years as CEO, and for almost four decades with the company, Shemara has steered Macquarie through expansion into new markets, the dislocation of the COVID pandemic, and significantly enhanced recognition of our brand and the value we bring to global clients and communities," said Macquarie Group Chair Glenn Stevens.
Incoming CEO Greg Ward previously served as chief financial officer during the global financial crisis and recently led the retail banking division.
Following the announcement, the Macquarie Group share price was unchanged at $254.93.
Under Wikramanayake, who earned $124.93 in mid-2018 to $254.93, outperforming the benchmark S&P/ASX 200 index.
The bank also reported in a trading update that its Commodities and Global Markets division delivered strong net profit growth behind increased commodities trading income.
