After more than a decade at the helm of Macquarie Group (ASX: MQG), Nicholas Moore has announced his retirement as managing director and CEO.
Moore will step down from the boards of Macquarie Group and Macquarie Bank in November after the company delivers is audited FY18 results.
Stepping into Moore's role will be Shemara Wikramanayake (pictured), a long-time colleague of Moore's and the current group head of Macquarie Asset Management.
Wikramanayake is set to become the bank's first female CEO.
Chairman Peter Warne says that Wikramanayake will lead the company well into the future given her impressive business background.
"In considering the transition from Nicholas' immensely successful decade as CEO of Macquarie, I'm delighted to have a candidate of Shemara's calibre to take the Group forward," says Warne.
"Shemara takes over a business with significant momentum and market-leading positions and does so with the international track record, vision and strong sense of our unique culture to make this a very successful transition."
On his departure, Moore is confident that his colleague of more than 30 years will continue growing the company which has recently navigated a period of market transformation.
"I have worked with Shemara for more than 30 years and I am reassured in deciding to retire later this year that I leave Macquarie in a strong position and in safe hands," says Moore.
"Macquarie succeeds thanks to the opportunities that flow from the commitment and expertise of our people and these are qualities that I'm confident will continue to flourish under the leadership of Shemara and the broader management team."
Wikramanayake joined Macquarie in 1987 and worked with Mr Moore in Corporate Services and then in establishing Macquarie Capital, which at that time included advisory; infrastructure funds; corporate leasing and lending; and cash equities.
She was appointed Head of Macquarie Asset Management in 2008, when Mr Moore became Group CEO.
Macquarie Group and Macquarie Bank will also farewell Patricia Cross, who is retiring from both boards effective as of today.
These leadership transitions come as Macquarie releases its first quarter update for FY19.
The contribution from the first quarter has exceeded the prior corresponding 1Q18 period, however has fallen short compared to a strong 4Q18.
The bank's financial position exceeds regulatory requirements with a group capital surplus of $3.4 billion. It expects the FY19 result to be largely in line with FY18.
Macquarie shares are set to open at $124.93 on Thursday morning.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
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