Sydney, 06 February 2008
Chairman of Macquarie Group Limited, David Clarke, today announced the appointment of Nicholas Moore, currently the Head of Macquarie Capital, as Managing Director and Chief Executive Officer (CEO) of Macquarie Group Limited, effective 24 May 2008. Mr Moore has been appointed to the Board of Macquarie Group Limited effective immediately.
Mr Clarke said Mr Moore was the obvious choice to succeed the Group’s current Managing Director and CEO, Allan Moss who has served in that position for almost 15 years. Mr Moss’ retirement becomes effective on 24 May 2008, shortly after he delivers the Macquarie Group’s Annual Result for the year ending March 2008.
Mr Clarke said: “Nicholas has led the development of our Macquarie Capital business which provides more than 50% of the Group’s profits. He is globally recognised as a leading financial services leader and is ideally qualified to take Macquarie’s global businesses to the next stage of their development. The Board regards Nicholas as a leader of remarkable vision, energy and acumen.
“Nicholas takes over leadership of the Group as we reaffirm our guidance that this will be another record year. Subject to market conditions over the next eight weeks, we are expecting to achieve a profit of at least $A1.8 billion for the year ending March 2008.”
In commenting on his decision to retire, Mr Moss said: “This has been a very difficult decision but we have an ideal successor in Nicholas and I feel that this is the right time for me to hand over.
“I have been with Macquarie and its predecessors for more than 30 years, I have been Chief Executive for almost 15 years. Macquarie is in great shape. We recently successfully implemented the restructure to create the Group holding company, we expect to again achieve record profits in our current financial year and there is an excellent successor in place. Nicholas is an outstanding leader with a world class track record.”
Mr Clarke commented: “The Board has, over many years, contemplated the CEO’s succession and planned for it.
“Nicholas has an exemplary track record in investment banking. He has been with Macquarie for more than 20 years and has been a member of the Executive Committee for more than 10 years. He has achieved great Australian and international success in leading and growing Macquarie Capital which includes Macquarie’s infrastructure funds, corporate advisory, institutional stock broking, equity capital markets and a number of other businesses.”
In paying tribute to Mr Moss, Mr Clarke commented: “Allan has been an extraordinarily successful Chief Executive. Under Allan’s leadership, Macquarie has transformed from an almost entirely domestic business to one earning a majority of its income outside Australia. Staff numbers have grown nine-fold. If we achieve the expected profit of at least $A1.8 billion for the year ending March 2008, profits will have grown thirty-fold during Allan’s term as CEO.”
Mr Moore said: “Allan has been a remarkable CEO and it has been a great privilege to have worked so closely with him for almost 22 years. Allan’s achievements are enduring and we will all benefit from his legacy.
“He leaves Macquarie well-positioned for growth. We have an outstanding team and excellent senior management across the Group. We have very good businesses and very sound processes. The current markets are challenging but we are very well positioned to take advantage of the opportunities which will undoubtedly arise. I look forward to working with the Board and the Group’s Executive Committee in this new role and with the whole Macquarie team and our other stakeholders.
“Michael Carapiet will succeed me as Head of Macquarie Capital. He is currently global Joint Head, Macquarie Capital Advisers, a role he has filled since 2001,” Mr Moore said.