Join our daily newsletter At The Bell to receive exclusive market insights
- Macquarie Group (MQG) has announced a raft of leadership changes as well as its third-quarter results during its annual operational briefing
- Macquarie Bank CEO and Managing Director Mary Reemst will retire from the two head roles and her other board and executive positions in July
- She’ll be replaced by Macquarie Group Treasurer Stuart Green while Macquarie Asset Management (MAM) Group Head Martin Stanley will also step down
- Martin will instead become MAM Chairman, while the MAM Group Head role will go to fellow Macquarie leader Ben Way
- Along with the changes in management, Macquarie Group flagged it expects its FY21 results to be down on FY20’s due to the COVID-19 pandemic
- That’s despite the group stating its annuity-style and markets-facing businesses recorded strong net profit contributions during the third quarter
- MQG shareholders appear to have reacted well to the news announced during today’s briefing, with shares trading up 7.26 per cent at $144 each
Macquarie Group (MQG) has announced a raft of leadership changes as well as some third-quarter results during its annual operational briefing.
The company released a wide-ranging update in line with the meeting today, revealing a number of significant departures.
Among those announcing the end of their tenure was Macquarie Bank CEO and Managing Director Mary Reemst, who has said she will retire in July.
She’s also set to step down from her board and executive committee roles and will be replaced by Macquarie Group Treasurer Stuart Green.
Along with Mary’s resignation, Macquarie Asset Management (MAM) Group Head Martin Stanley has also announced he will step down from his role.
Martin won’t leave the company — instead, he’ll become Chairman of the MAM Group, while the MAM Group Head role will go to fellow Macquarie leader Ben Way.
Finally, Gordon Cairns will leave the Macquarie Group and Macquarie Bank boards in May after announcing he would leave last year.
Along with the changes in management, MQG also used today’s operational briefing to announce that it expects its FY21 results to be down on FY20’s results.
The downgrade is being blamed on the “uncertainty caused by the worldwide impact of COVID-19 and the uncertain speed of the global economic recovery.”
It also comes despite the group recording an increase in profit over a number of its business sectors in the third quarter.
Specifically, the group’s annuity-style businesses combined December quarter net profit contribution was up on the previous year’s result.
Macquarie’s markets-facing businesses also brought in strong net profits, which were a significant increase on Q3 FY20’s results.
Meanwhile, shareholders appear to have responded well to the overall leadership changes and results, with MQG shares rising during early trade.
Macquarie Group’s shares are trading up 7.26 per cent at $144 each at 12:15 pm AEDT.
