Non-major lender, Macquarie Bank has announced a new chairman to replace outgoing chairman Kevin McCann who also announced his retirement yesterday.
Kevin McCann will retire as chairman and a voting director of both the Macquarie Group and Macquarie Bank effective 31 March 2016. To succeed him, independent director Peter Warne has been appointed non-executive chairman of both boards.
“Peter is an experienced chairman and board director. He has brought many technical skills and industry knowledge to board and committee deliberations. As a director of both SFE and ASX, Peter gained extensive knowledge of the regulatory requirements of listed companies and financial markets. He has also served as chairman of the Macquarie Board Risk Committee and is currently chairman of Macquarie’s Board Remuneration Committee,” McCann said.
Paying tribute to the outgoing chairman, Warne said: “Kevin has ably chaired the Macquarie Boards through challenging global market conditions. Over the past four years as chairman, Kevin has presided over Macquarie’s continued profit growth, the evolution of its business, and the growth of its international income which now constitutes 70% of total income. Returns to shareholders have remained strong and Macquarie is recognised as a successful global Australian company.”
