Macquarie Group CEO Shemara Wikramanayake to retire
Macquarie Group has announced chief executive Shemara Wikramanayake will retire after eight years at the helm.
Wikramanayake, 64, will depart the $97 billion banking giant in November.
Shemara Wikramanayake has been in charge of Macquarie since 2018. Louise Kennerley
She will be replaced by Greg Ward, who is head of the bank’s banking and financial services business.
In a statement to the ASX, Macquarie chairman Glenn Stevens thanked Wikramanayake “for her significant contributions to Macquarie over an almost 40-year career”.
“During which she has delivered sustained growth and momentum, steered Macquarie through expansion into new markets and the dislocation of the COVID pandemic, and significantly enhanced recognition of our brand and the value we bring to global clients and communities,” he said.
“She has done so with incredible strength and grace, and an unwavering commitment to the company and our people and to perpetuating our unique culture.”
Ward will take over as chief executive of the banking giant following Wikramanayake’s retirement. Kate Geraghty
The shock announcement came moments before the bank’s annual general meeting, where it reported a $4.8 billion profit for the financial year, up 30 per cent on 2025.
In the meeting, shareholders were expected to grill the banking giant over its decision to hire KPMG as an auditor, and also raise serious complaints about workplace culture within the investment banking unit.
The Australian Financial Review reported that the 64-year-old received a pay packet of $27.9 million last year, a slight dip from 2024 after Macquarie’s first-ever strike against its pay report last year.
From 2021 to 2022, Wikramanayake was the highest paid chief executive in Australia after receiving $23.7 million in compensation.
In 2021, the former lawyer was also named Australian Financial Review Business Person of the Year for her leadership prowess following the COVID-19 pandemic.
During her tenure, Macquarie’s share price rose 117 per cent from December 2018 to Wednesday’s closing price of $254.93.
Her successor, Greg Ward, has been with the bank for 30 years, including 14 years as its global CFO, where he steered the giant through the global financial crisis.
Ward was later appointed as the head of banking and financial services in 2013, as Macquarie pushed back into the mortgage market.
He was selected unanimously for the top job, beating out other candidates including head of asset management Ben Way, chief risk officer Andrew Cassidy and head of investment banking Michael Silverton.
“The board looks forward to working with Greg and the whole management team as they write the next chapters in Macquarie’s remarkable story,” Stevens said.
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