Macquarie CEO Shemara Wikramanayake to Retire; Greg Ward Named Successor

Macquarie Group announced Thursday that Chief Executive Shemara Wikramanayake will retire on November 6 after nearly eight years leading Australia's largest investment bank. She will be succeeded by Greg Ward, a 30-year company veteran who most recently served as head of the bank's retail banking business.

A Planned Succession

The appointment of Ward, 58, was an internal decision signed off by the board on Wednesday night, according to the bank. Macquarie Chair Glenn Stevens told reporters that the board did not look outside the company for a successor, praising both the outgoing and incoming CEOs for their ability to navigate unpredictable challenges such as the pandemic.

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

Wikramanayake's Legacy and Performance

During her tenure, Wikramanayake, 64, strategically repositioned Macquarie to focus on asset management and infrastructure investment, reducing its dependence on more volatile investment banking fees. This strategy coincided with a significant increase in shareholder value.

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Under her leadership, Macquarie's shares more than doubled, climbing from A$124.93 in mid-2018 to A$254.93 at Wednesday's close. This performance significantly outpaced the greater than 40% rise in the S&P/ASX 200 index over the same period. Wikramanayake, one of Australia's most high-profile chief executives, was paid A$26.5 million in 2025, according to the source.

The Path Forward Under Ward

Incoming CEO Greg Ward has been instrumental in Macquarie's push into consumer banking, building the division into Australia's fifth-largest mortgage lender. Analysts have forecast it could break into the top four in the coming years. "We run a very conservative balance sheet, and I think we’re well equipped to handle any of those challenges," Ward said regarding future market and geopolitical events.

In a separate trading update, Macquarie reported that its Commodities and Global Markets division saw a substantial increase in its net profit contribution during the first quarter, driven by strong income from commodities trading. Following the leadership announcement, Macquarie shares rose 0.4% in early trading Thursday, while the broader S&P/ASX 200 was up 0.95%.