Why Macquarie Chose an Internal Successor for Its Next CEO

Macquarie Group has named longtime executive Greg Ward as its next chief executive officer. Ward will succeed Shemara Wikramanayake, who is retiring after eight years as CEO. He is expected to take over in November 2026. 

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The appointment followed an internal succession process and gives Macquarie a leader with nearly three decades of experience inside the company. This will provide stability as the company navigates regulatory scrutiny and other leadership changes.

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For board executive search teams planning their own CEO transitions, Macquarie’s decision offers a useful case study. The company did not simply promote its longest-serving executive. It selected a leader whose career gave the board years of evidence about his: 

• Judgment
• Operating ability
• Financial discipline
• Readiness to lead a complex global organization

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Macquarie Prioritizes Deep Institutional Knowledge

Ward brings experience across several levels of Macquarie’s leadership. Since joining the company in 1996, he has served as CFO, deputy managing director, and head of Banking and Financial Services.

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That experience matters.

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Macquarie operates across asset management, banking, commodities, infrastructure, advisory services, and capital markets. An outside CEO would need time to understand the company’s:

• Decentralized structure
• Risk culture
• Leadership team
• Global business model

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Ward already knows how those pieces fit together.

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His appointment reduces the learning curve that often follows an external CEO hire. It also gives employees, investors, and senior executives a clearer sense of what to expect from the transition.

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For boards, this is one of the strongest arguments for internal succession planning. When comparing internal vs external succession plans, qualified internal candidate can offer stability without forcing the company to pause while a new leader learns the business.

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The Board Had Years of Evidence to Prove Success

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CEO searches are difficult because past results do not always predict success in a new organization.

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External candidates may perform well in interviews and bring impressive accomplishments. However, boards still need to determine how those executives will operate in a different culture, respond to unfamiliar risks, and build trust with a new leadership team.

Macquarie faced less uncertainty with Ward.

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The board had observed him across several roles and economic cycles. It had seen him:

• Manage financial responsibilities
• Lead a major business division
• Work with other senior executives
• Operate through periods of market disruption

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Ward’s tenure as CFO was especially valuable. It gave him experience in capital allocation, risk, investor expectations, and company-wide performance. His later role leading Banking and Financial Services showed that he could also manage growth and operational execution.

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Strong succession planning creates this type of evidence before the CEO role becomes vacant. Boards should give potential successors broader responsibilities, difficult assignments, and direct exposure to enterprise-level decisions.

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Continuity Fit Macquarie’s Current Needs

An internal appointment often signals that the board supports the company’s general direction.

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Ward has expressed confidence in the performance and long-term prospects of Macquarie’s businesses.

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That does not mean Ward will avoid change. Every new CEO must respond to new market conditions, technologies, regulations, and investor expectations.

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However, Macquarie does not appear to be seeking a complete strategic reset.

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When a board believes the company has the right strategy but needs a new leader to continue executing it, an internal candidate may make more sense than an external change agent.

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Boards should define this need before beginning a CEO search.

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Does the company need continuity, transformation, recovery, or a new growth strategy?

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That answer should shape the candidate profile. A successful internal operator may be ideal for one situation and wrong for another.

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Internal Candidates Still Require Rigorous Assessment

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Promoting from within does not remove leadership risk.

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Internal candidates can become closely tied to existing practices. They may hesitate to challenge longtime colleagues or rethink strategies they helped create. Familiarity can also cause boards to overlook gaps that would receive more scrutiny in an outside candidate.

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Macquarie still faces regulatory, governance, and reputational challenges. Ward will need to prove that he can preserve the company’s strengths while addressing areas that require change.

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That is why internal successors should go through the same disciplined assessment as external candidates.

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Even if the candidate is a culture fit, boards should evaluate whether the candidate can:

• Set strategy
• Make unpopular decisions
• Build a strong executive team
• Communicate with investors
• Adapt the organization to new risks

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Tenure should support the case. It should not be the case.

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What Other Boards Can Learn

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Macquarie’s appointment highlights the value of treating CEO succession as an ongoing process.

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The company had an internal executive with broad experience, deep institutional knowledge, and a record the board could evaluate directly. That option only exists when companies develop leaders well before a transition begins.

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Boards should identify potential successors early and give them opportunities to lead major divisions, manage crises, work with investors, and take responsibility for enterprise-wide outcomes.

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They should also compare internal and external candidates against the same future-focused criteria.

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The goal is not to reward loyalty or default to the safest option. The goal is to select the leader best prepared for the company’s next stage.

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Macquarie chose an internal successor because Ward offered more than familiarity. He brought decades of relevant experience, proven leadership across functions, and a lower-risk path through an important transition.

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For other companies, the lesson is clear. A strong internal CEO candidate is rarely discovered when the search begins. That leader is developed years in advance.

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