SYDNEY--Australia's Macquarie Group said Chief Executive Shemara Wikramanayake would retire in November after eight years in charge and be succeed by the current boss of the financial firm's banking unit.

ASX-listed Macquarie on Thursday said Wikramanayake, who is also the company's managing director, would step down Nov. 6.

Former Chief Financial Officer Greg Ward, who has headed Macquarie's fast-growing banking and financial services unit since 2013, will take over the next day, Macquarie said.

"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," Chair Glenn Stevens said.

Last year, Wikramanayake was the second highest-paid chief executive at Australia's 100 biggest listed companies, according to the country's superannuation industry body.

She received 30.4 million Australian dollars (US$21.3 million) as the group lifted its fiscal 2025 net profit 5.5%, to A$3.715 billion.

In a trading update ahead of Thursday's annual general meeting, Macquarie said the June-quarter net profit contribution from Ward's banking and financial services unit was higher than a year earlier amid growth in both deposits and loans.

The unit grew deposits 4% over the quarter to $A223.3 billion, and its mortgage portfolio by 6% over the same period to $A191.5 billion.

Macquarie Capital's net profit contribution was also up, while the contribution from its commodities and global markets unit was substantially higher than a year earlier on increases trading activity in North American gas and power.

Macquarie said the contribution of its asset-management business was lower, despite a 4% rise in assets under management since March 31. Macquarie Asset Management had A$748.0 billion in assets under management at the end of the June quarter, which is the first of its fiscal year.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

July 22, 2026 19:08 ET (23:08 GMT)

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