Macquarie Group names Greg Ward CEO as Shemara Wikramanayake to retire

Macquarie Group Ltd announced today that Greg Ward will take over as chief executive when Shemara Wikramanayake steps down in November 2026. The change ends an eight‑year stint at the helm of Australia’s leading investment bank and closes a career that began in 1987.

Investors are watching closely because the group’s shares have outperformed the broader market, rising about 13% over the past 12 months while the S&P/ASX 200 index has moved about 1%.

Media additions

The announcement came at the company’s annual meeting in Sydney, where Wikramanayake, the first Asian woman to lead a large Australian public company, confirmed her retirement plans. Her departure marks the end of a 40‑year tenure with the firm, a period that saw the bank’s market valuation swell to roughly $99 billion, a size now comparable to the combined market value of Coles, Qantas and Fortescue.

"I'm honoured to be asked by the Board to succeed Shemara as Macquarie CEO. 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."

Greg Ward, incoming CEO, via Fool

Wikramanayake’s own remarks were modest. She told shareholders that she holds “no regrets” and that success is “always a team effort.”

"I’ve got no regrets and it’s really been a privilege to work here," she said at the annual meeting.

Shemara Wikramanayake, outgoing CEO, via Macquarie announcement

Beyond the financial metrics, Wikramanayake’s personal story has become part of the narrative surrounding her leadership. An in‑depth profile in The Nightly traced her family’s journey from privileged Sri Lankan lawyers in the 1960s to refugees rebuilding a life in Australia with just $200.

"We lost everything in 1970 and we started life again," her father recalled in 2018.

Ranji Wikramanayake, father, via The Nightly

That background, the outlet argues, helped shape the “emotional intelligence, equanimity and numeracy” that allowed her to navigate the high‑ego world of finance. A former predecessor, Nicholas Moore, described her as “always gracious and effective in dealing with the successes as well as the inevitable challenges.”

"always gracious and effective in dealing with the successes as well as the inevitable challenges"

Nicholas Moore, predecessor, via The Nightly

Key milestones in Wikramanayake’s Macquarie career

• 1987 – Joins Macquarie Bank during an early growth phase.
• December 1 2018 – Appointed chief executive, becoming the first Asian woman to lead a large Australian public company.
• 2020‑2022 – Guides the group through the COVID‑19 pandemic, maintaining strong performance.
• November 2026 – Scheduled retirement; Greg Ward to assume CEO role.

Ward’s own track record includes turning the Banking and Financial Services division into a major player in Australian personal and business banking, as well as wealth management. The board has expressed confidence that his deep internal knowledge will ensure “strategic continuity” and support ongoing growth.

What to watch next

• Board transition: The board will oversee the handover in the months leading up to November 2026, with Ward expected to outline any strategic shifts at the next quarterly earnings call.
• Share performance: Analysts will monitor whether the share‑price outperformance sustains beyond the initial transition period.
• Leadership style: Observers will compare Ward’s public profile with Wikramanayake’s low‑key approach, especially on stakeholder engagement and cultural initiatives.
• Regulatory landscape: Any changes in Australian financial‑services regulation could test the new CEO’s ability to navigate compliance while pursuing growth.

For a fuller view of the leadership change and its implications for the broader market, see the Business coverage page.