Updated July 23, 2026 — 6:02pm,first published July 23, 2026 — 8:29amMacquarie Group chief executive Shemara Wikramanayake is retiring as boss of the investment giant after eight years in the job, after its board picked the veteran head of its banking and financial services arm, Greg Ward, as the bank’s next leader.Wikramanayake, 64, will leave the company with current and future shares in the business worth almost $470 million after nearly 40 years at the Sydney-based institution known as the “millionaires’ factory”.Shemara Wikramanayake has been in charge of Macquarie since 2018.Leigh VogelAs Macquarie held its annual general meeting on Thursday, chair Glenn Stevens praised Wikramanayake’s “groundbreaking tenure” at the company. Stevens said she had steered the business through the market volatility of the COVID-19 pandemic and driven expansion into new markets.Stevens also highlighted her successor’s technology skills – the bank’s tech platform has been credited with driving rapid growth in mortgage lending – as well as Ward’s earlier stint as chief financial officer.Wikramanayake, who is retiring in November, said she was leaving at the right time for both herself, and Macquarie.“I’ve always said I’m here as long as Macquarie needs me, and I think the business is in great [shape] now, and I think the board has chosen a great next CEO in Greg, who I’ve worked with for 30 years, not just in the awesome work he’s been doing with the team in BFS [banking and financial services], but also as CFO through things like the GFC,” she said.Sydney-based Macquarie is often referred to as the “millionaires’ factory” for its notoriously high pay packets and culture that rewards financial performance.Last year, Wikramanayake was awarded $26.5 million in pay, less than the $35.4 million paid to the executive in charge of its booming commodities business, Simon Wright. Ward earned $13 million last year.Wikramanayake will leave the bank with holdings of about $370 million in Macquarie shares and $89 million in deferred share units, which are due to vest at a later stage.Under Wikramanayake’s leadership, Macquarie has expanded substantially in domestic banking. But it remains a global business at heart, earning about two-thirds of its revenue overseas.Its market capitalisation has risen from about $39 billion when Wikramanayake started in the job to about $98 billion today.Ward, 58, is a Macquarie veteran who has run its banking and financial services arm, which houses its rapidly growing retail bank, since 2013. He joined Macquarie in 1996 and previously served as its chief financial officer for 14 years.Under Ward’s leadership, the retail bank has aggressively taken on the big four in home loans and deposits, expanding rapidly to become the fifth-biggest retail bank in the country.Greg Ward is currently the head of banking and financial services group at Macquarie.Kate GeraghtyStevens also dropped a potential bombshell on the KPMG scandal, telling shareholders the group is reviewing the embattled firm’s capability to deliver on the lucrative Macquarie audit tender it won last year, due to the exodus of senior staff over the scandal.Macquarie has also instigated an external review of KPMG’s pursuit of the contract, which was valued at $69 million last year.“The board has made formal inquiries of KPMG, and they include regarding KPMG’s ongoing capability and capacity to deliver the audit, given that some people have left that firm, and an assessment of the integrity of KPMG’s pursuit of our audit tender process,” Stevens said.“That’s to be supported by an external review conducted by Allens, with a scope that has been agreed by Macquarie management. We’ll keep shareholders informed as this matter unfolds over the period ahead.”Macquarie chairman Glenn Stevens told shareholders the group is reviewing KPMG’s capability to deliver on the lucrative Macquarie audit tender it won last year.Ben SearcyAllens is the same law firm which is currently investigating - on behalf of KPMG - the whistleblower claims that senior audit partners illicitly accessed client information to win new customers. The Macquarie contract was one of the tenders mentioned in the allegations.Stevens continued to defend the integrity of Macquarie’s tender process and the role of former KPMG partner Michelle Hinchliffe, who heads Macquarie’s audit committee.“We remain confident that the process that we ran was a robust one, and that we found the right balance between using Michelle’s highly developed skills, which are very beneficial for the company and very beneficial in ensuring we have a good tender, and managing her potential conflicts resulting from her previous employment, which were all fully disclosed and managed.”Macquarie’s shares closed 0.5 per cent lower as the bank also provided a first-quarter update, saying trading conditions had been “satisfactory”.Citi analyst Thomas Strong said Ward was a logical choice for Macquarie as he was well known and regarded in the market, and the banking and financial services division had been a strong success story within Macquarie.“Overall, given the internal appointment we expect a smooth transition,” Strong said.The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.CORRECTIONAn earlier version of this story said Shemara Wikramanayake held Macquarie shares worth $880 million. This is incorrect. It has been updated to say her current and future shares are worth almost $470 million.From our partners