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Former RBA governor to chair Macquarie

by Annie Kane6 minute read

With Peter Warne set to retire next year, it has now been announced that a former Reserve Bank of Australia governor will take over the chair position from May.

Macquarie Group has confirmed that former Reserve Bank of Australia (RBA) governor Glenn Stevens will be the next chair of Macquarie Group Limited (MGL) and Macquarie Bank Limited (MBL), after the MGL and MBL boards appointed him into the position.

He will take over from Peter Warne, who has been chair of the two boards since April 2016 (and a director of both entities since 2007). He had previously announced that he intends to retire before the group’s annual general meeting next year.

The incoming chair has been an independent voting director of Macquarie Group and Macquarie Bank since 2011. He has also chaired the board risk committee since 2019 and serves as a member of the board audit and nominating committees.

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Mr Stevens was the governor of the RBA between 2006 and 2016 and held a range of roles at the central bank over the course of 20 years (including deputy governor 2001-06 and assistant governor [economic] between 1996 and 2001) before taking up the leadership position. 

He has also previously acted as chair of the Australian Council of Financial Regulators between 2006 and 2016, as a member of the Financial Stability Board and on a range of G20 committees, and is a current board member of NSW Treasury Corporation.

Mr Stevens’ appointment and Mr Warne’s retirement as a voting director on both boards will be effective in early May 2022, following the 2022 full-year results announcement.

Commenting on his retirement and the appointment of a successor, outgoing chair Mr Warne stated: “I have immensely enjoyed my time on the Macquarie boards, working alongside some incredibly talented people across both management and my non-executive colleagues.

“Over that time, I’m proud that the organisation has continued its strong growth trajectory, meeting broad areas of community need through different market cycles, not least over the last two years of the COVID-19 pandemic. 

“I am pleased that the boards have selected Mr Stevens as the next chair, with his deep expertise in markets and economics after many years as a successful governor of the Reserve Bank of Australia.”

Noting the changing of the guard, Mr Stevens commented: “Peter has been a committed and engaged chair and board member for Macquarie over many years. 

“He is well liked across the staff population and highly respected in the Australian and global business community. Peter has overseen a period of strong progress for Macquarie, including successful management transition, record profits and a robust response to recent global challenges. 

“I’m honoured to have been asked by my colleagues to follow in Peter’s footsteps and look forward to working with the boards, Shemara [Wikramanayake, CEO of Macquarie Group] and the entire Macquarie team in the continued effort to meet client, investor, regulatory and community expectations.”

Diane Grady to retire

As well as announcing a new chair, the Macquarie Group also confirmed that Diane Grady, who has been a voting director of MGL and MBL for over 10 years, has also announced her intention to retire.

Her retirement will be effective after the board meetings currently scheduled for 24 February 2022.

Ms Grady has been a director of MGL and MBL since May 2011 and is a member of the board governance and compliance committee, board nominating committee, board remuneration committee and board risk committee.

She stated: “It’s been a memorable 11 years and a real privilege to have been a director of such an inspiring company. 

“I have appreciated the opportunity to work with so many outstanding executives and board members over the years and have been impressed by the quality of people at all levels and geographies in Macquarie. 

“I am particularly proud of Macquarie’s purpose statement ‘to empower people to innovate and invest for a better future’ and our core principles of Opportunity, Accountability and Integrity’ which continue to guide how the group does business.”

Mr Warne thanked Ms Grady for her work on behalf of the entire board, recognising her “important contribution and dedication to Macquarie over 10 years through a strong period of growth for the company”.

“We very much valued Diane’s broad experience working with major listed companies with international businesses, as well as expertise in strategy and operations in the Asia Pacific region in particular,” he added.

[Related: Non-major banks increasingly popular: Broker Pulse]

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Annie Kane

Annie Kane

AUTHOR

Annie Kane is the editor of The Adviser and Mortgage Business.

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