Macquarie head of banking and infrastructure Greg Ward will in November take the reins from Wikramanayake, who has led the bank for eight years.
Key Takeaways
- Macquarie Group chief executive Shemara Wikramanayake announced her retirement on Thursday after eight years in the top job.
- Wikramanayake will officially step down on 6 November, ending a nearly 40-year run at the investment bank.
- She will be replaced by Greg Ward, who is currently deputy managing director and head of banking and financial services.
- Wikramanayake has been one of the most well-remunerated chief executives in Australia, taking home $30.55 million last financial year.
- Macquarie has enjoyed a strong run under Wikramanayake, with its market cap up 162 per cent to $97 billion during her tenure.
- Ward joined the bank in 1996 and served as chief financial officer for 14 years before becoming deputy managing director in 2011.
Key Background
Wikramanayake is a Macquarie lifer, having joined the Millionaire’s Factory in 1987 – just two years after Macquarie Bank was spun out of UK firm Hill Samuel.
Wikramanayake leaves on a high, with the company in May reporting $4.85 billion in net profit – its second biggest ever, behind only 2023. Her tenure has been a good one for Macquarie investors, with the company’s stock up 162 per cent from when she was appointed CEO in November 2018.
Ward is a well-credentialed successor, having joined Macquarie in 1996 – the year it listed on the ASX. He spent 14 years as its CFO before becoming deputy managing director in 2011.
Crucial Quote
“I take confidence in the strength of the team, and particularly in Greg’s ability to build on the legacy of our six decades of history,” said Shemara Wikramanayake. “We have worked together for 30 years, and this track record, leadership and integrity make him an excellent candidate to be Macquarie’s next CEO.”
Macquarie chair Glenn 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.”
Big Number
$30.55 million. That was Wikramanayake’s pay last financial year. She was also the highest paid Australian CEO in both 2021 and 2022. Ward looks to get a sizable pay bump, though his current package wouldn’t have left him wanting: He was paid $12.5 million last financial year.
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