Updated July 23, 2026 — 10:39am,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, to be replaced by the head of its banking and financial services arm, Greg Ward.The investment bank on Thursday said Wikramanayake, who is 64 and has been chief executive since late 2018, will retire from November this year.Shemara Wikramanayake has been in charge of Macquarie since 2018.Leigh VogelWikramanayake will walk from the top job with shares currently worth more than $880 million after close to 40 years with the financial giant.According to her most recent director’s shareholding notice filed with the ASX, Wikramanayake held more than 3.47 million Macquarie shares which closed at $254.93 on Wednesday.Wikramanayake also retains another 440,000 performance rights over shares that may vest in the future depending on the group’s performance.Wikramanayake said on Wednesday she was leaving at the right time for both her 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, but also as CFO through things like the GFC,” she said.Sydney-based Macquarie is colloquially known as the “millionaires’ factory” for its 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 was paid $13 million last year.Under Wikramanayake’s leadership Macquarie has expanded substantially in domestic banking but remains a global business at heart, earning about two thirds of its revenue overseas.Greg Ward is currently the head of banking and financial services group at Macquarie.Kate GeraghtyIts market capitalisation has risen from about $39 billion when Wikramanayake started in the job to about $98 billion.Macquarie shares rose 0.5 per cent on Thursday morning 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, saying 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.Chair Glenn Stevens said: “The Board extends its heartfelt thanks to Shemara, who leaves Macquarie in a strong position, with sustained growth across each of our diverse businesses and a highly capable senior team.”“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 and the value we bring to global clients and communities.”“In considering the transition from Shemara’s groundbreaking tenure, the Board is pleased to have an experienced candidate of Greg’s calibre to lead Macquarie through its next phase of growth and looks forward to working with him as he brings his global experience and proven ability as a business and technology leader to build on this momentum in the years ahead,” Stevens said.Ward, 58, is a Macquarie veteran who has run the banking and financial services arm of Macquarie, which houses its rapidly-growing retail bank, since 2013. He joined Macquarie in 1996 and previously served as 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, investing heavily in its technology platform and expanding to become the fifth-biggest bank in the country.More to comeThe Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.From our partners