Macquarie CEO Shemara Wikramanayake announces retirement hours before tense annual meeting
The shock exit comes as the bank prepares for a high-pressure showdown with shareholders over its future direction.
Shemara Wikramanayake is retiring as chief executive of Macquarie Group in November after eight years at the top and almost four decades with the company.
The banking group’s chairman Glenn Stevens, a former Reserve Bank of Australia governor, announced on Thursday morning that Greg Ward, the head of banking and financial services, would replace the 64-year-old CEO- breaking the news ahead of its annual general meeting in Sydney.
Ms Wikramanayake, who joined Macquarie in 1987 and in 2018 became the first woman to lead it a decade after heading up the asset management division, is retiring from the boards of both Macquarie Group Limited and Macquarie Bank Limited on November 6, leaving behind a $26.5 million remuneration package.
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By continuing you agree to our Terms and Privacy Policy.“The great privilege of this role lies in empowering Macquarie’s talented team to perpetuate our culture of identifying opportunities and taking accountability for delivering on them to drive sustainable, positive outcomes for our stakeholders,” she said in a statement to the Australian Securities Exchange.
Mr Ward joined Macquarie Group in 1996 in the same year it listed on the share market, serving as global chief financial officer for 14 years before becoming deputy managing director of Macquarie Group.
He became head of banking and financial services in 2013.
“I’m honoured to be asked by the board to succeed Shemara as Macquarie CEO,” he said.
“Shemara leaves Macquarie incredibly well positioned, with each of our businesses performing strongly.”
Macquarie Group delivered a profit of $4.8 billion in 2025-26, up 30 per cent from the previous financial year.
Ms Wikramanayake is among a small number of women to have led an Australian bank, alongside Gail Kelly who ran St George from 2002 to 2007 and Westpac from 2008 to 2015, and Marnie Baker who was chief executive of Bendigo and Adelaide Bank from 2018 to 2024.
Since she replaced Nicholas Moore as CEO in November 2018, Macquarie Group’s share price has more than doubled from $122 to $255.
More to come...
