Macquarie's high profile CEO Wikramanayake to retire, replaced by bank veteran

Why the change matters now

Wikramanayake’s legacy

Since taking the helm in November 2018, Wikramanayake steered Macquarie away from reliance on volatile investment‑banking fees toward a broader focus on asset management and infrastructure investment. The strategy paid off: the company’s share price climbed from A$124.93 in mid‑2018 to A$254.93 by the close of Wednesday’s trading, outpacing the S&P/ASX 200’s rise of just over 40 percent in the same period. In the most recent financial year, the group posted a profit of $4.8 billion, a 30 percent increase from the previous year.

Her remuneration package of A$26.5 million in 2025, highlighted by The Nightly, cemented her status as one of Australia’s highest‑paid female CEOs and underscored the firm’s “Millionaires’ Factory” reputation.

Media additions

“The great privilege of this role lies in empowering Macquarie’s talented team to perpetuate our culture of identifying opportunities and taking accountability for delivering on them to drive sustainable, positive outcomes for our stakeholders.”

Shemara Wikramanayake, CEO, via The Nightly

Greg Ward – a banker’s banker

Ward joins the role after a 30‑year career at Macquarie, most recently heading the group’s banking and financial services unit since 2013. He previously served as global chief financial officer for 14 years, including through the global financial crisis. At 58, he is the first internal candidate chosen for the job; the board “did not look outside of Macquarie to find the next chief executive,” according to chair Glenn Stevens.

“All of the businesses are showing wonderful growth over the long term and certainly have under Shemara's tenure. I think we're tremendously well positioned across the entire platform,”

Greg Ward, incoming CEO, via AOL

“There’s always market events and geopolitical events, and we run a very conservative balance sheet, and I think we are well equipped to handle any of those challenges.”

Greg Ward, via AOL

Ward’s own remarks—“I’m honoured to be asked by the board to succeed Shemara as Macquarie CEO”—signal continuity and confidence in the existing strategy.

Board perspective

Chairman Glenn Stevens, a former Reserve Bank of Australia governor, praised both leaders for navigating “unpredictable challenges such as the pandemic and war in parts of the world.” In his statement to Morningstar, Stevens added, “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.”

“There’ll always be things we might not be able to predict and what we need is agility and decisiveness to deal with those. Shemara has shown that in an exemplary fashion, and Greg has shown that in all stages of his career,”

Glenn Stevens, Chair, via AOL

Stevens, who plans to retire next year, indicated that succession planning for his own role is already under way.

Market reaction

Macquarie shares edged up 0.4 percent in early trading on Thursday, while the broader S&P/ASX 200 was up 0.95 percent. The Sydney Morning Herald noted that the stock rose 0.5 percent in the immediate wake of the announcement, reflecting investor confidence in the smooth transition.

Other major Australian banks posted gains on the same day, with the Commonwealth Bank up 1.3 percent and Westpac up 1.6 percent, underscoring a sector‑wide rally that coincided with positive commodities data and the release of jobs figures later that morning.

Timeline of key events

• Wednesday night – Board signs off on Ward’s appointment (AOL).
• Thursday morning – Chairman Stevens makes remarks on agility and succession (AOL).

What to watch next

• November AGM outcomes: Shareholder votes on strategic initiatives, especially the expansion of the retail‑banking arm.
• Mortgage market share: Early indicators of whether Macquarie cracks the top‑four mortgage lenders as projected.
• Quarterly earnings: The next profit release will reveal how the Commodities and Global Markets division performs without Wikramanayake at the helm.
• Board composition: Stevens’ impending retirement raises questions about the next chair and succession dynamics.

With the leadership change set for November, Macquarie’s next moves will be closely watched by investors and competitors alike. The bank’s ability to sustain its double‑digit share gains while expanding its retail footprint could redefine Australia’s banking hierarchy in the coming years.