Macquarie CEO Wikramanayake to retire after A$26.5m year

Shemara Wikramanayake, one of Australia's highest-paid executives and the face of Macquarie Group's transformation into a global infrastructure and asset management powerhouse, will retire on Nov. 6 after nearly eight years as chief executive officer.

"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.

Macquarie, known in Australia as the "Millionaire's Factory" for its performance-linked pay structure, said its Commodities and Global Markets division posted a substantial increase in net profit contribution, driven by higher income from commodities trading. The gain was partly offset by a drop in Macquarie Asset Management's contribution following the divestment of its North American and European public investments business. The bank does not disclose quarterly profit figures.

The leadership transition comes at a pivotal moment for the A$98 billion lender. Wikramanayake, 64, reshaped Macquarie to focus on asset management and infrastructure investment, reducing reliance on volatile investment banking fees. Under her watch, Macquarie's shares more than doubled to A$254.93 from A$124.93 in mid-2018, outpacing the S&P/ASX 200 Index's roughly 40% gain over the same period.

Greg Ward, a 30-year Macquarie veteran who served as chief financial officer during the global financial crisis, will take over as CEO. Ward most recently led Macquarie's Banking and Financial Services division, which has pushed into Australia's retail mortgage market. Macquarie is now the nation's fifth-largest home lender, and analysts have forecast it could break into the top four within the next few years.

The succession plan carries both continuity and risk. Ward's deep institutional knowledge — he navigated the bank through the 2008 crisis as CFO — provides stability. But his background is in retail banking and finance, not the asset management and commodities trading businesses that now drive the bulk of Macquarie's earnings. The CGM unit's profit surge, fueled by volatile commodity markets, may prove cyclical, while the asset management division faces headwinds from portfolio restructuring.

Wikramanayake was paid A$26.5 million in 2025, reinforcing Macquarie's philosophy of tying executive compensation to performance. The bank has not disclosed details of Ward's pay package.

Macquarie held its annual general meeting in Sydney on Thursday. The bank's next full-year results are due in May 2027.

This article is for informational purposes only and does not constitute investment advice.