Macquarie has a new boss. Greg Ward takes over as managing director and chief executive of Macquarie Group today, 7 November 2026, as Shemara Wikramanayake retires after eight years in the job. The change comes on the back of a record half-year profit — yet Macquarie shares still fell on the day the result was announced. Here is what happened, who Greg Ward is, and what it means if you hold the shares.
Quick answer: Greg Ward is Macquarie’s new CEO from 7 November 2026, replacing Shemara Wikramanayake, who retired on 6 November. Macquarie reported a record first-half profit of A$2.48 billion and lifted its interim dividend to A$3.25 a share, but the share price fell 3.7% on the result after the banking regulator imposed an extra A$100 million capital requirement. Macquarie announced the succession in July 2026.
Who is Greg Ward?
Greg Ward is a long-serving Macquarie executive. Before taking the top job, he was head of Banking and Financial Services, the division that covers Macquarie’s retail banking and wealth businesses. He has also been Macquarie’s chief financial officer and deputy managing director, so he knows the group’s numbers and its operating businesses from the inside.
The succession was announced on 23 July 2026 by Macquarie chair Glenn Stevens, giving the market more than three months to get used to the change before it took effect. Ward was appointed to the boards of Macquarie Group Limited and Macquarie Bank Limited effective 7 November 2026.
Ben Perham, previously head of personal banking, takes over as head of Banking and Financial Services in Ward’s place.
Shemara Wikramanayake’s eight years as CEO
Wikramanayake became Macquarie’s managing director and CEO in December 2018, succeeding Nicholas Moore. She was the first woman to lead Macquarie and its sixth chief executive overall.
Her final result was a strong one. In the six months to 30 September 2026, Macquarie’s net profit attributable to shareholders rose to A$2.48 billion, up about 50% on the A$1.66 billion reported a year earlier and ahead of the A$2.32 billion consensus estimate. Reuters described it as Macquarie’s best first-half result since the bank listed almost two decades ago.
A record profit — so why did the shares fall?
Macquarie shares ended down 3.7% on Friday 6 November, the day the result was released, and at one point were down as much as 5.5% at A$243.70. The broader ASX 200 fell 0.5% the same day, so Macquarie fell much further than the market.
Three things weighed on the stock:
- A capital surprise. Separately from the result, the banking regulator APRA said a recent capital review found Macquarie had miscalculated the capital needed to support risks in its non-bank businesses back in 2019. APRA imposed a new A$100 million governance overlay — an extra capital buffer — on top of an existing A$500 million overlay applied to Macquarie Bank in 2021. Macquarie has addressed the shortfall, and APRA said financial stability was not undermined, but extra capital requirements matter for bank valuations.
- An uneven result. The profit jump was driven by the Commodities and Global Markets division, whose net profit contribution surged 83% to A$2.03 billion on volatile energy prices. The asset management division’s contribution rose 28%, but Macquarie Capital’s contribution fell 61% on lower investment income and weaker advisory fees. Profit was also about 22% below the previous six-month period, showing how lumpy Macquarie’s earnings can be.
- A nervous market. The result landed on a day of heavy selling in global tech stocks, which spilled over into Australian shares.
What shareholders got
The interim dividend rose to A$3.25 a share, up from A$2.80 for the same period last year. Earnings per share grew 49% to A$6.52.
That is a solid payout, but the market’s reaction shows investors were looking past the headline profit number. For shareholders, the two things to watch now are whether the commodities trading strength can be repeated and whether the capital issue is fully behind the bank.
What Ward has said so far
Ward struck a calm note on the market volatility that hit tech stocks this week, saying swings in AI and tech shares can be healthy because they force investors to look again at what those businesses are really worth.
The appointment is widely seen as a continuity choice. Ward is an insider who has run one of the group’s four operating divisions and held the CFO role, and no change to strategy or structure has been signalled with the handover.
What the CEO change means for Macquarie shareholders
In the short term, very little changes. The strategy, the four operating groups — Macquarie Asset Management, Banking and Financial Services, Commodities and Global Markets, and Macquarie Capital — and the dividend policy all carry over. Leadership changes at big banks rarely move the share price on their own; results, capital and market conditions do that.
The real test for Ward comes with the full-year result, when investors will judge whether the record first half was a one-off driven by trading conditions or the start of a stronger run. Until then, the main numbers to keep an eye on are the commodities division’s contribution, the capital position, and whether Macquarie Capital recovers.
Frequently asked questions
Who is Macquarie’s new CEO?
Greg Ward, previously head of Banking and Financial Services and a former chief financial officer and deputy managing director of Macquarie Group.
When did Greg Ward become Macquarie CEO?
He took over as managing director and chief executive on 7 November 2026. Shemara Wikramanayake retired on 6 November 2026.
Why did Macquarie shares fall after a record profit?
Shares fell 3.7% on 6 November 2026 despite the record A$2.48 billion half-year profit. APRA imposed a new A$100 million capital overlay after finding a 2019 miscalculation, part of the profit came from volatile commodities trading, and the broader market was weak that day.
What was Macquarie’s half-year profit?
Net profit attributable to shareholders was A$2.48 billion for the six months to 30 September 2026, up about 50% on the year before and ahead of the A$2.32 billion market consensus. The interim dividend was A$3.25 a share, up from A$2.80.
Who was Macquarie’s CEO before Greg Ward?
Shemara Wikramanayake, who led Macquarie from December 2018 to November 2026. She was the group’s first female chief executive.
