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(Bloomberg) — Macquarie Group Ltd.’s Chief Executive Officer Shemara Wikramanayake will step down in November after eight years at the helm to be replaced by Greg Ward, who currently leads its banking and financial services division.
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The decision, announced ahead of the company’s annual general meeting Thursday, will end the tenure of one of the country’s most high-profile CEOs. Wikramanayake steps down after one of the company’s most profitable years on record, as its core businesses spanning commodity trading and asset management to investment banking contributed to the results.
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The elevation of Ward signals the company’s desire to hire internally for its top ranks. He joined the business in 1996 and served as its global chief financial officer for 14 years before being appointed deputy managing director of the group.
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“Over her last eight years as CEO, and for almost four decades with the company, Shemara has steered Macquarie through expansion into new markets, the dislocation of the COVID pandemic, and significantly enhanced recognition of our brand,” chair Glenn Stevens said in a statement Thursday.
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Wikramanayake leaves Macquarie as its shares trade near record levels. The company’s stock is up around 25% this year and set a new high on Friday. She has returned an annualized 15.7% to shareholders since she became CEO in December 2018, according to data compiled by Bloomberg.
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She joined Macquarie in 1987 and has helped establish and lead corporate advisory offices in New Zealand, Hong Kong and Malaysia, and its infrastructure funds management business in the US and Canada. She spent more than a decade as head of Macquarie Asset Management prior to becoming CEO.
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