Macquarie Group has announced a clear succession plan for its chief executive role, with Greg Ward set to become Managing Director and CEO on 7 November 2026, following the retirement of Shemara Wikramanayake. The appointment represents continuity at the top of Australia’s most diversified financial services group, with Ward having spent 30 years at Macquarie and having worked alongside Wikramanayake throughout that period.
Wikramanayake will step down from the boards of Macquarie Group Limited and Macquarie Bank Limited effective 6 November 2026, concluding a tenure as CEO spanning eight years and a broader association with the company spanning nearly four decades. During her leadership, Macquarie expanded into new markets, navigated the pandemic, and enhanced its brand recognition among global clients. The departure comes at a time when the company describes itself as positioned for sustained growth across its diverse business lines.
Ward’s background positions him well to lead this transition. He joined Macquarie in 1996, the same year the company became publicly listed, and served as Global Chief Financial Officer for 14 years before being appointed Deputy Managing Director. His most recent role, which he has held since 2013, is Head of Banking and Financial Services, a division he repositioned and grew into a significant source of innovation in Australian personal banking, business banking, and wealth management. This track record suggests the board views him as well versed in the company’s strategic priorities and capable of maintaining operational momentum.
The succession process appears to have been orderly, with Wikramanayake herself endorsing Ward’s appointment. She highlighted his track record, leadership qualities, and integrity as reasons she believes he represents an excellent candidate to lead the company. Her confidence in the senior team and in Ward specifically provides some reassurance about the institutional strength of Macquarie’s management layer, though transitions at the top always carry execution risks that only time can fully assess.
For investors, the key question is whether Ward’s background in banking and financial services positions him to balance the company’s traditionally strong investment banking and asset management franchises with its newer retail banking initiatives. The smooth handover of the CFO role to someone eventually became Deputy MD suggests the company has developed adequate succession processes, though past CEO transitions at major financial institutions have occasionally surprised markets with strategic pivots or unexpected challenges.
The board’s decision to appoint Ward remains subject to the receipt of necessary approvals, a standard caveat that does not appear to suggest any anticipated obstacles. Investors should monitor incoming regulatory guidance and any commentary from Macquarie management about strategic priorities under the new leadership. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Macquarie Group Limited (ASX: MQG)
Macquarie Group is a global financial services company providing banking, advisory, and investment services across asset management, commodities, and capital markets. It is known for its infrastructure investment expertise.
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