Macquarie Group (ASX:MQG) announced a major leadership change on Thursday, 23 July 2026, with chief executive Shemara Wikramanayake preparing to retire after almost four decades at the financial services company.
Wikramanayake will step down as managing director and CEO and leave the boards of Macquarie Group and Macquarie Bank on 6 November 2026. Greg Ward, currently head of Banking and Financial Services, has been chosen as her successor, subject to the required approvals. He is expected to join both boards on 7 November.
Wikramanayake Ends an Eight-Year CEO Tenure
Wikramanayake joined Macquarie in 1987 and has led the group as CEO for nearly eight years.
During her time in charge, Macquarie expanded into new markets, managed the disruption caused by the COVID-19 pandemic and continued growing its global operations. Chair Glenn Stevens said she would leave the company with strong businesses and an experienced leadership team.
Macquarie operates across asset management, personal and business banking, wealth management, commodities, financial markets and investment banking. This means the CEO transition is important not only for Australian shareholders but also for the company’s clients and operations around the world.
Who Is Incoming CEO Greg Ward?
Ward is a long-serving Macquarie executive, which should provide some continuity during the leadership change.
He joined Macquarie in 1996, the year the company listed publicly. He later served as global chief financial officer for 14 years before becoming deputy managing director. In 2013, he was appointed head of Banking and Financial Services.
Under Ward’s leadership, that division expanded its presence in Australian personal banking, business banking and wealth management. His experience in finance, technology and banking will be important as Macquarie manages changing interest rates, regulatory expectations and growing competition from digital financial services.
Macquarie had not announced a major change in strategy as of 23 July. Ward said he planned to build on Wikramanayake’s legacy and work with the existing board and management team.
Leadership Change Comes During Shareholder Scrutiny
The announcement was released on the same day as Macquarie’s 2026 annual general meeting.
Executive remuneration had been an important issue after 25.4% of votes were cast against the company’s 2025 remuneration report, creating a first strike under Australian corporate rules.
At the 2026 meeting, approximately 94.7% of votes cast supported the remuneration report. This meant Macquarie avoided a second strike and the possible shareholder vote on whether to hold a meeting to replace most of the board.
Shareholders had also submitted a climate-related proposal seeking more information about Macquarie’s approach to fossil-fuel financing and its earlier net-zero commitments. The related climate resolution was not put to a vote because the required constitutional amendment failed.
What Should Macquarie Investors Watch Next?
The immediate priority is a smooth handover between Wikramanayake and Ward.
Investors should watch whether the wider leadership team remains stable and whether Ward changes Macquarie’s approach to growth, capital management and risk. His background may also bring greater attention to the Banking and Financial Services division.
Wikramanayake’s retirement closes an important chapter for Macquarie. Ward provides deep internal experience, but investors will ultimately judge the transition through the company’s earnings, risk management and ability to maintain growth under new leadership.
