Former RBA Governor Glenn Stevens. Source: Reuters
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  • Macquarie Group (MQG) has appointed the former Governor of the Reserve Bank of Australia (RBA), Glenn Stevens, as its new chair
  • Mr Stevens has been on the Macquarie board since 2017 and will now transition to its top position in May 2022, replacing current chairman Peter Warne
  • As RBA Governor between 2006 and 2016, Mr Stevens helped guide Australia through the Global Fincial Crisis in the 2010s.
  • Macquarie also announces today that Diane Grady, who has been a voting director of the company for over a decade, will resign in early 2022
  • Shares in Macquarie Group are up 1.48 per cent to $189.49 at 2:03 pm AEDT

Banking and financial services giant Macquarie Group (MQG) has appointed the former Governor of the Reserve Bank of Australia (RBA), Glenn Stevens, as its new chair.

Mr Stevens has been on the Macquarie board since 2017 and will now transition to its top position in May 2022, replacing current chairman Peter Warne.

Mr Warne has been a director of Macquarie since 2007 and has served as the chairman of the company’s board since 2016.

Mr Stevens, who has chaired the MGL board’s Risk Committee since November 2019, said Mr Warne was “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,” Mr Stevens said.

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

Mr Stevens was the Reserve Bank governor between 2006 and 2016, through the Global Financial Crisis.

Mr Warne pointed to Mr Stevens’ “deep expertise” in markets and economics after his years as head of the RBA as evidence of his worth as Mr Warne’s successor.

“I have immensely enjoyed my time on the Macquarie boards, working alongside some incredibly talented people across both management and my non-executive colleagues,” Mr Warne said.

“Over that time, 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.”

Macquarie also announced today that Diane Grady, who has been a voting director of the company for over a decade, will resign in early 2022.

Shares in Macquarie Group were up 1.48 per cent to $189.49 at 2:03 pm AEDT. The company has a $75 billion market cap.

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