Macquarie Group CEO Shemara Wikramanayake retires after eight years, Greg Ward named successor
Consensus Summary
Macquarie Group CEO Shemara Wikramanayake is retiring after eight years in the role, with her departure effective November this year. She will leave with shares worth hundreds of millions, though sources differ on the exact figure, with SMH citing over $880 million and THEAGE stating about $470 million in total shares and deferred units. Greg Ward, head of Macquarie’s banking and financial services arm, is named as her successor. Ward, who joined Macquarie in 1996 and served as CFO for 14 years, has led the retail banking division since 2013 and is credited with expanding the bank’s mortgage lending through technology. Under Wikramanayake’s leadership, Macquarie’s market capitalisation grew from about $39 billion to about $98 billion, though the company remains globally focused, earning about two-thirds of its revenue overseas. Both articles highlight the KPMG audit scandal, with Macquarie reviewing the firm’s capability to deliver on its $69 million contract due to senior staff departures. Wikramanayake and Ward have worked together for 30 years, including through the GFC, and the transition is expected to be smooth. The articles also note discrepancies in executive pay, with Wikramanayake earning less than $35.4 million last year, while Simon Wright received $35.4 million and Ward earned $13 million.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- Shemara Wikramanayake is retiring as Macquarie Group CEO after eight years in the role, effective November this year
- Wikramanayake will leave with shares worth at least $35.4 million (SMH) and about $370 million in Macquarie shares plus $89 million in deferred share units (THEAGE)
- Greg Ward, head of Macquarie’s banking and financial services arm, is named as Wikramanayake’s successor
- Wikramanayake has been with Macquarie for close to 40 years (SMH) or nearly 40 years (THEAGE)
- Ward joined Macquarie in 1996 and previously served as CFO for 14 years
- Macquarie’s market capitalisation rose from about $39 billion when Wikramanayake started to about $98 billion
- Macquarie earns about two-thirds of its revenue overseas
- Ward has led the banking and financial services arm since 2013
- Macquarie is reviewing KPMG’s capability to deliver on its $69 million audit contract won last year due to senior staff departures
- Wikramanayake was paid less than $35.4 million last year, while Simon Wright (commodities executive) earned $35.4 million and Ward earned $13 million
- Macquarie shares moved 0.5 per cent in the first-quarter update, with trading conditions described as satisfactory
- Wikramanayake and Ward have worked together for 30 years, including through the GFC
- Ward is 58 years old
Points of Difference
Details reported by only one source:
- Wikramanayake holds 3.47 million Macquarie shares worth $254.93 each, plus 440,000 performance rights
- Macquarie’s audit contract with KPMG was worth $69 million last year, and Allens is investigating whistleblower claims involving KPMG’s pursuit of the tender
- Macquarie shares rose 0.5 per cent on the day of the announcement
- Wikramanayake’s retirement is described as leaving Macquarie in a strong position with sustained growth
- Macquarie is colloquially known as the 'millionaires’ factory' for its high pay packets
- Wikramanayake’s total shares and deferred units are valued at almost $470 million
- Macquarie shares closed 0.5 per cent lower on the day of the announcement
- The article emphasizes Ward’s technology skills and the retail bank’s rapid growth in mortgage lending
Contradictions
Conflicting information between sources:
- SMH states Wikramanayake will leave with shares worth more than $880 million, while THEAGE states her total shares and deferred units are worth almost $470 million
- SMH says Wikramanayake’s shares were worth $880 million, but THEAGE says her Macquarie shares alone are worth about $370 million plus $89 million in deferred units
- SMH mentions Wikramanayake’s shares closed at $254.93 on Wednesday, but THEAGE does not specify the share price
- SMH says Wikramanayake was awarded less than $35.4 million last year (implied), while THEAGE states her award is unspecified but contrasts it with Wright’s $35.4 million and Ward’s $13 million
- SMH says Macquarie shares rose 0.5 per cent, while THEAGE says they closed 0.5 per cent lower
Source Articles
Billionaires’ factory? Macquarie chief to walk away with $880m in shares
The chief of the “millionaires’ factory” will depart in November with a significant treasure chest built up over nearly four decades with the company.
Macquarie chief to walk away with shares worth hundreds of millions
The chief of the “millionaires’ factory” will depart in November with a significant personal treasure chest built up over nearly four decades with the company.