Macquarie Group is preparing for a leadership transition that puts one of its longest-serving executives in charge at a moment when the Australian financial giant is facing heightened scrutiny over governance, auditing and risk. Greg Ward, a veteran executive and Porsche racing enthusiast, will succeed Shemara Wikramanayake as chief executive in November, bringing decades of institutional knowledge to a bank that has entered a more complicated phase of its growth.
Ward, who joined Macquarie shortly after its 1996 stock-market listing, was named the company’s next chief executive in July. He is currently responsible for Macquarie’s Banking and Financial Services division and previously spent about 14 years as chief financial officer. His appointment makes him the seventh CEO in Macquarie’s nearly six-decade history. Wikramanayake is due to step down on Nov. 6, with Ward taking over the following day, subject to regulatory approval.
The choice reflects continuity rather than a dramatic strategic reset. Investors have broadly viewed Ward as a “safe pair of hands” with an unusually detailed understanding of Macquarie’s businesses, balance sheet and culture. Reuters reported that his appointment was interpreted as a signal that the company intends to preserve its existing strategy rather than pursue sweeping changes immediately.
Ward’s career also gives him a distinctive profile among Australian banking executives. Away from the boardroom, he has raced Porsche sports cars, a hobby that colleagues and investors have used as a window into his management style. Racing requires preparation, discipline and close attention to detail, characteristics that have also been associated with his approach to running financial businesses. Reuters noted that Ward’s racing career produced relatively few wins but also few serious mishaps, an analogy that fits the cautious reputation he has developed inside Macquarie.
His biggest operational achievement has been the expansion of Macquarie’s domestic banking business. Under Ward, the unit aggressively expanded its mortgage and deposit operations, using digital products to compete with Australia’s much larger traditional banks. Macquarie’s mortgage market share rose from less than 1% to more than 7%, making it the country’s fifth-largest mortgage lender. The division has therefore become an increasingly important source of growth alongside the group’s better-known asset-management and commodities businesses.
Ward now inherits a company that remains financially strong but is confronting questions that go beyond earnings. One of the most sensitive issues concerns Macquarie’s decision to appoint KPMG as its incoming auditor. The accounting firm is embroiled in a major Australian scandal involving allegations that employees improperly used confidential client information to win audit work. KPMG has acknowledged misconduct by employees, while several senior executives have departed.
The controversy has particular relevance to Macquarie because former KPMG partner Michelle Hinchliffe sits on the bank’s board. Macquarie has said she recused herself from the audit-selection process and that independent law firm Allens reviewed the tender. Chairman Glenn Stevens defended the process at the company’s annual meeting, while acknowledging that the board had made inquiries into KPMG’s ability to deliver the audit and the integrity of its pursuit of the contract.
The scrutiny comes as Australian regulators examine the broader KPMG fallout. ASIC chair Sarah Court said the regulator is aware of governance issues involving directors connected to KPMG, although there was no formal investigation into the Macquarie director at that stage. Macquarie ultimately announced that KPMG would not proceed with the audit work after the scandal intensified.
For Ward, the challenge is therefore less about rescuing a troubled institution than ensuring that a successful global financial group maintains its reputation for disciplined risk management while its governance arrangements receive greater attention. Macquarie reported a $4.8 billion profit for fiscal 2026, up about 30% from the previous year, demonstrating that the underlying business remains powerful.
The leadership change also follows an unusually successful tenure for Wikramanayake. During her nearly eight years as CEO, Macquarie expanded substantially and strengthened its asset-management and infrastructure businesses while maintaining a significant presence in commodities and financial markets. Ward’s appointment suggests the board believes the next phase calls for an insider capable of preserving that momentum while navigating a more demanding regulatory and geopolitical environment.
For a bank whose reputation has long rested on calculated risk-taking, Ward’s arrival may represent a deliberate recalibration. His Porsche racing background makes for an eye-catching personal story, but his more important credential is three decades of experience inside Macquarie. With governance questions becoming harder to ignore, the new CEO will have to demonstrate that caution and growth can continue to coexist at one of Australia’s most globally ambitious financial institutions.
