Greg Ward confirmed as Macquarie Group Managing Director and CEO
Macquarie Group (ASX: MQG, ADR: MQBKY) has confirmed that, effective 7 November 2026, Greg Ward was appointed Managing Director and Chief Executive Officer. The confirmation follows the company’s 23 July 2026 announcement of the upcoming retirement of Shemara Wikramanayake, the Managing Director and Chief Executive Officer.
From the same date, Mr Ward was also appointed an Executive Voting Director of Macquarie Group Limited and Macquarie Bank Limited (ASX: MBL), replacing Ms Wikramanayake. The release was dated 9 November 2026 and included an appendix setting out the material terms of his employment.
Key facts from the announcement:
- Effective date: 7 November 2026
- New role: Managing Director and Chief Executive Officer of Macquarie Group
- Board appointments: Executive Voting Director of Macquarie Group Limited and Macquarie Bank Limited
- Replaces: Ms Wikramanayake on both boards
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Inside Greg Ward’s employment terms
The appendix sets out the material terms of Mr Ward’s employment, including remuneration. The approach for determining his remuneration as Managing Director and Chief Executive Officer will remain consistent with the approach disclosed for Ms Wikramanayake in the 2026 Macquarie Group Remuneration Report (the FY26 Remuneration Report).
The core terms are summarised below.
| Term | Detail |
|---|---|
| Length of contract | Permanent open-ended |
| Remuneration review period | 1 April to 31 March annually |
| Fixed remuneration | Currently unchanged from that disclosed in the FY26 Remuneration Report; next reviewed by the Board in May 2027 |
| Termination notice | Six months’ notice by Macquarie or by Mr Ward |
The contract is permanent and open-ended, and fixed remuneration is currently unchanged from the FY26 Remuneration Report.
Profit share and Performance Share Units
Variable pay is covered by two separate arrangements, each subject to malus and clawback provisions.
- Profit share: Mr Ward will be eligible to be considered for a profit share allocation for the financial year ending 31 March 2027. The terms of the allocation and the Board’s approach are set out in the FY26 Remuneration Report.
- Profit share on termination: Unvested profit share is usually forfeited. The Board may, at its discretion, allow vesting after termination in certain circumstances, in accordance with the original vesting schedule, except in case of death or serious incapacitation.
- Performance Share Units (PSUs): Mr Ward will be eligible to receive PSUs, structured as Deferred Share Units, under the MEREP. Vesting is subject to two performance hurdles and a PSU pre-vest assessment.
- PSUs on termination: Any vesting the Board approves at its discretion after termination in certain circumstances is subject to the same performance hurdles and pre-vest assessment, and the original vesting schedule.
Notice and post-employment restrictions
Post-employment restrictions include non-solicitation provisions applicable for 12 months. Paid non-competition provisions also apply, at Macquarie’s election, for up to six months post-termination.
Why the leadership handover matters for Macquarie shareholders
A Managing Director and Chief Executive Officer leads the company’s management team. As an Executive Voting Director, Mr Ward also holds a vote on the boards of Macquarie Group Limited and Macquarie Bank Limited, so the board appointments replace Ms Wikramanayake’s seat at both entities.
Malus and clawback are terms that allow a company to reduce or recover variable pay. Under the disclosed terms, both profit share awards and PSUs are subject to these provisions.
Mr Ward takes the role as Macquarie’s latest half-year result showed profit up 50% on a year earlier, though Macquarie Capital earnings fell sharply and management flagged continued pressure on home loan and deposit margins.
What happens next for Macquarie remuneration
Two remuneration steps are stated in the appendix:
- May 2027: The Board will next review Mr Ward’s fixed remuneration, at the time of approving his performance-based remuneration for the year ending March 2027.
- Financial year ending 31 March 2027: Mr Ward will be eligible to be considered for a profit share allocation, with terms as set out in the FY26 Remuneration Report.
The FY26 profit result was a record, with all four operating divisions growing and return on equity lifting from 11.2% to 14.0%, the earnings base against which profit share outcomes for the current year will be judged.
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