Greg Ward is set to take over for Shemara Wickramanayake, who will retire in November.
issued Thursday, July 23, 2026 · 05:19 PM
[SYDNEY] Macquarie Group has selected Greg Ward as its new chief executive officer, a move that follows his notable contributions to the company’s retail banking growth.
Ward will take over from Shemara Wickramanayake, who has led the financial giant for eight years and plans to step down in November. She is recognized as one of Australia’s prominent CEOs.
Wickramanayake’s exit comes after a year of impressive profitability for Macquarie, contrasting with scandals that have raised concerns amongst regulators.
Ward has been at the helm of the bank’s banking and financial services division for over a decade, and his promotion reflects his successful oversight of Macquarie’s significant growth in home lending. He joined the company in 1996, serving as chief financial officer for 14 years before rising to vice president.
Morgan Stanley analysts noted, “In his leadership role, Mr. Ward has skillfully increased market share, improved technology, and tackled regulatory challenges.” They also acknowledged his comprehensive understanding of Macquarie’s various operations due to his extensive tenure with the management team.
During a conference call on Thursday (July 23), Macquarie Chairman Glenn Stevens highlighted Ward’s banking experience during the global financial crisis and his tech-savvy nature as key attributes for the board. He added that Ward is “well-equipped” to handle the fast-evolving technology landscape. Stevens credited Wickramanayake for navigating the company through expansions, the pandemic, and enhancing brand visibility.
Hugh Dive from Atlas Funds Management commented that the new leader seems likely to maintain a “keep-promising, over-delivering” strategy, and described him as a thoughtful individual, which aligns with past leadership at Macquarie.
Ward’s division has rapidly expanded as Macquarie shifts its focus toward consumer and mortgage sectors in Australia as part of its strategy to diversify revenue. It’s worth noting that he has received considerable compensation for his achievements.
Since 2015, Macquarie has tripled its mortgage market share from 2% to 7%, based on data from the Australian Prudential Regulation Authority. The major banks still dominate the A$2.5 trillion (US$1.75 trillion) market.
The rapid growth of the business earned it the “maverick” label two years ago as a sign of intense competition. Interestingly, this argument played a role in an unsuccessful antitrust case, where a rival was allowed to acquire a banking division.
As the leadership shifts, Macquarie faces scrutiny from shareholders during its annual general meeting, touching on issues like troubled employment decisions at KPMG Australia. Environmental groups and pension funds are also demanding clearer commitments toward net-zero goals.
Nathan Zayer from Morningstar remarked that Macquarie adapts based on market conditions. He emphasized the need for predictive leadership regarding investments in renewable energy and data centers. “The question is whether we can effectively allocate capital,” he said regarding Ward.
Wickramanayake is leaving as the company’s stock prices are near record highs, having risen about 25% since the year began and even hitting a peak last week. On Thursday, shares saw a slight increase in Sydney trading.
Wickramanayake has generated an annualized return of 15.7% for shareholders since taking the CEO role in December 2018, according to Bloomberg.
However, her tenure has not been without controversy. Last year’s annual meeting faced pushback over executive compensation plans due to various risk management issues, leading to regulatory backlash across several countries. Shareholders eventually approved this year’s pay plan after reducing Wickramanayake’s compensation.
Macquarie has also encountered criticism over its financial dealings, including its lending to Thames Water and its relationships with metal traders.
Additionally, climate activism against the company has intensified. Some groups disrupted a public event in March to protest Wickramanayake’s appearance.
Shareholders are set to vote on a proposal urging clearer assessments of loans and investments relating to climate change. This initiative has garnered support from pension funds, although the board has recommended a no vote, and that was the outcome on Thursday.
Rachel Waterhouse of the Australian Shareholders Association remarked, “A smooth succession is beneficial for any organization, fostering continuity while allowing for innovation and fresh leadership perspectives.”
