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Macquarie Group promotes former RBA chair Glenn Stevens to top job, succeeding Peter Warne

Former RBA governor Glenn Stevens will take over the prized chairmanship of investment bank Macquarie Group in May from Peter Warne.

Former RBA governor Glenn Stevens will take the reins as the next Macquarie Group chairman. Picture: NCA NewsWire/Joel Carrett
Former RBA governor Glenn Stevens will take the reins as the next Macquarie Group chairman. Picture: NCA NewsWire/Joel Carrett
The Australian Business Network

Former Reserve Bank governor Glenn Stevens will take over the coveted chairmanship of Macquarie Group in May, succeeding longstanding Peter Warne who delayed stepping down due to the pandemic.

In a statement on Thursday, Macquarie said Mr Stevens’ appointment would take effect in early May after the asset management and investment bank’s annual results. As well as the retirement of Mr Warne from the board, longstanding director Diane Grady is stepping down after a February board meeting.

The Australian flagged that Mr Stevens and former Bankers Trust executive Jillian Broadbent were front and centre as candidates to succeed Mr Warne, as Macquarie looked to identify its next chairman.

Mr Stevens joined the Macquarie board in late 2017, and has chaired the risk committee since late 2019, he is also a member of the board and board nominating committees.

His other board commitments include being a director of NSW Treasury Corporation, on NWQ Capital Management’s investment committee, a director of the Anika Foundation and the Lowy Institute, and deputy chair of the Temora Aviation Museum. Mr Stevens was formally chair of the NSW Generations Fund Advisory Board.

The appointment follows a record 2021 profit result and strong start to Macquarie’s 2022 year, which is ruled off on March 31. But Macquarie has come under fire for its role in the disastrous float of analytics group Nuix and revelations of subsequent governance failures.

Mr Warne took the reins as Macquarie chairman in April 2016, from his predecessor Kevin McCann. He had been a director of Macquarie’s parent entity and its bank since 2007, which given the long tenure had started to concern some shareholders.

In May, Macquarie said Mr Warne intended to stand for re-election for an additional year, at the request of the board. It cited oversight of board renewal and lingering global uncertainty relating to the pandemic for the decision.

On Thursday, Mr Warne highlighted Macquarie’s track record and growth prospects.

“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,” he said.

“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.”

Mr Stevens was RBA governor for a decade until 2016 and helped steer Australia through the global financial crisis, his senior roles also included a stint chair of the Australian Council of Financial Regulators.

“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) and the entire Macquarie team in the continued effort to meet client, investor, regulatory and community expectations,” Mr Stevens said.

“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.”

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

“It’s been a memorable eleven years and a real privilege to have been a director of such an inspiring company,” she said.

Read related topics:Macquarie Group

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Original URL: https://www.theaustralian.com.au/business/financial-services/macquarie-group-hires-former-rba-chair-glenn-stevens-to-succeed-peter-warne/news-story/536d17ff4dd9672ab0ed1a5b26a98faf