Macquarie chief Wikramanayake to step down

Macquarie Group chief executive Shemara Wikramanayake will retire in November after nearly four decades at the company, the banking giant announced Tuesday.

Greg Ward, currently head of Macquarie’s banking and financial services division, will succeed her as CEO and managing director on November 7, pending regulatory approvals. Wikramanayake will also step down from the boards of Macquarie Group and Macquarie Bank.

Wikramanayake’s legacy spans global expansion and crisis leadership

Wikramanayake joined Macquarie in 1987 and held leadership roles across asset management, international markets, and corporate strategy before becoming CEO in December 2018. She took over from Nicholas Moore, who led the company for ten years.

During her time in charge, Macquarie entered new markets, handled the COVID-19 pandemic, and built a stronger global reputation. Macquarie chair Glenn Stevens said the company’s diverse operations—including asset management, commodities, and banking—remained stable under her guidance.

In a statement, Wikramanayake said the company is well prepared for the future. “The great privilege of this role lies in empowering Macquarie’s talented team to identify opportunities and take accountability for delivering on them,” she said. “I take confidence in the strength of the team, and particularly in Greg’s ability to build on what we’ve achieved over six decades.”

She and Ward have worked together for 30 years. She cited his track record, leadership, and integrity as key reasons for his appointment. For employees, the transition ends an era marked by steady growth and resilience. The company’s culture, often seen as a competitive advantage, will face its next test under new leadership.

Ward takes over with board backing and a focus on continuity

Ward, who has led Macquarie’s banking and financial services division since 2018, called his appointment an honor. “Shemara leaves Macquarie in a strong position, with each of our businesses performing well,” he said. “I look forward to working with the board, management, and our entire team to build on what she has accomplished.”

Stevens praised Wikramanayake’s contributions, noting her role in growing the company’s global presence and steering it through economic challenges. “The board extends its heartfelt thanks to Shemara, who leaves the firm in a strong position, with sustained growth across all operations and a highly capable senior team,” he said.

He also expressed confidence in Ward’s leadership. “The board is pleased to have an experienced candidate like Greg to lead Macquarie through its next phase,” Stevens said. “We look forward to working with him as he uses his global experience and proven skills to maintain this momentum.”

Wikramanayake will stay with the company in an advisory role until the end of the year to ensure a smooth transition. Her retirement closes a career that began in the late 1980s, when Macquarie was a much smaller institution with limited global reach.

The shift comes as financial firms increasingly rely on qualified professionals to guide strategic decisions.