Macquarie Group has appointed Greg Ward, head of its banking and financial services division, as the new chief executive, succeeding Shemara Wikramanayake who is stepping down after eight years in the role.

Wikramanayake, 64, will retire on November 6, handing over leadership to Ward, a key contender for the position due to his successful management of the banking division and prior role as chief financial officer.The move comes amid expectations that Macquarie, a major player in asset management and investment banking, will return to record profits.The transition marks a significant leadership change for the company, which has been a dominant force in the financial services sector.Ward's appointment is seen as a strategic decision to leverage his experience in driving growth and operational efficiency.

The announcement was made in the context of ongoing market dynamics, with Macquarie positioning itself to capitalize on opportunities in a competitive industry.

This shift in leadership underscores the company's focus on maintaining its leadership in financial services while adapting to evolving economic conditions.