Macquarie Names Greg Ward as Next CEO, Signaling Continuity Amid Strong Business Performance

Australian financial services giant Macquarie has announced a major leadership transition, appointing long-serving executive Greg Ward as its next Chief Executive Officer following the retirement of Shemara Wikramanayake. Ward will officially assume the role on November 6, 2026, bringing to a close nearly eight years of leadership under Wikramanayake, who oversaw one of the most transformative periods in the company’s history.

A Macquarie veteran with more than three decades of experience, Ward currently leads the Banking and Financial Services division, overseeing the group’s retail banking, mortgage, and deposit businesses. Earlier in his career, he served as Chief Financial Officer during the global financial crisis, playing a pivotal role in strengthening the firm’s financial position during one of the most challenging periods for global markets.

The board’s decision to appoint an internal successor reflects its emphasis on continuity and long-term strategic stability. Chairman Glenn Stevens said Greg Ward’s deep understanding of Macquarie’s businesses, combined with his experience managing through periods of economic uncertainty, made him the ideal candidate to lead the company into its next phase of growth.

Wikramanayake, who became Macquarie’s first female Chief Executive Officer in 2018, leaves behind a significantly expanded and more diversified organization. During her tenure, the company strengthened its global presence, increased investments in infrastructure and renewable energy, expanded its asset management platform, and continued growing its banking and financial services operations. Her leadership helped position Macquarie as one of Australia’s most influential global financial institutions while successfully navigating challenges ranging from the COVID-19 pandemic to heightened geopolitical uncertainty.

Leadership Change Reinforces Long-Term Growth Strategy

The appointment of Greg Ward has been widely interpreted as a move that prioritizes stability over strategic change. Rather than pursuing a new direction, Macquarie’s board appears focused on maintaining the growth strategy that has delivered consistent performance over recent years.

Under Wikramanayake’s leadership, the company reduced its reliance on the cyclical earnings traditionally associated with investment banking by building stronger, more diversified revenue streams across infrastructure investments, asset management, banking services, commodities, and energy markets. This diversification has strengthened Macquarie’s resilience during periods of market volatility and economic uncertainty.

The company’s financial performance over the past several years reflects the success of that approach. During Wikramanayake’s tenure, Macquarie’s market value more than doubled, outperforming the broader Australian share market and reinforcing investor confidence in the firm’s long-term strategy. The sustained growth also established Macquarie as one of the country’s strongest-performing financial institutions.

Greg Ward acknowledged that the global business environment continues to face uncertainty, with geopolitical tensions, fluctuating commodity prices, and changing economic conditions likely to remain key challenges. However, he said Macquarie enters this leadership transition from a position of strength, supported by a diversified business portfolio, disciplined risk management practices, and a robust balance sheet capable of weathering market volatility.

Investor reaction to the announcement remained largely positive. While the company’s share price moved only modestly following the leadership update, market participants broadly viewed the appointment as a well-planned succession that provides continuity without disrupting Macquarie’s long-term strategic direction.

Strong Trading Update and Governance Review Mark the Next Chapter

Alongside the leadership announcement, Macquarie released its first-quarter trading update, highlighting improved performance in its Commodities and Global Markets (CGM) division. The increase in earnings contribution was primarily driven by stronger commodities trading activity, demonstrating continued momentum in one of the group’s most important business segments despite an uncertain global economic backdrop.

Although the company does not disclose quarterly profit figures, the update suggested that trading conditions remained favourable across several areas of its commodities business, providing an encouraging start to the new financial year.

The company’s annual general meeting also brought governance matters into focus. Shareholders questioned the appointment of KPMG as Macquarie’s external auditor, raising concerns over previous professional links between board director Michelle Hinchliffe and the audit firm.

Addressing the issue, Chairman Glenn Stevens said Macquarie had commissioned an independent review of the audit tender process to ensure that the selection had been conducted fairly and transparently. He reaffirmed the board’s confidence in the integrity of the company’s governance processes and said the review supported the fairness of the appointment.

Stevens also confirmed that succession planning is underway for his own retirement as chairman, expected next year, signalling a broader period of leadership renewal within the organization. In addition, Macquarie continues to review its executive remuneration framework after shareholders expressed significant concerns over pay policies at last year’s annual meeting. The company has said it is engaging with investors on the issue, while details of Greg Ward’s future remuneration package are expected to be announced at a later date.

With a carefully managed leadership transition, encouraging operational momentum, and a continued focus on governance and long-term growth, Macquarie is entering a new chapter that seeks to balance stability with sustained global expansion under its next generation of leadership.

Explore CIO Women Magazine to stay updated on industry trends and leadership stories.