Philip Coffey and Shemara Wikramanayake join Macquarie Group and Macquarie Bank boards
Sydney, 28 Aug 2018
Macquarie Group and Macquarie Bank Chairman Peter Warne today announced the appointment of Philip Coffey to the Macquarie Group Limited (ASX: MQG; ADR: MQBKY) and the Macquarie Bank Limited (ASX: MBL) Boards as an independent director, effective immediately.
Mr Warne also announced that, as foreshadowed at Macquarie’s Annual General Meeting on 26 July 2018, Macquarie Group’s Chief Executive Officer-designate, Shemara Wikramanayake, will join both Boards as an Executive Voting Director, also effective immediately. Ms Wikramanayake will become Macquarie Group’s Chief Executive Officer and Managing Director following Nicholas Moore’s retirement on 30 November 2018.
Mr Warne said Mr Coffey’s extensive international experience in financial services and financial markets would add valuable perspectives to board discussions. Mr Coffey served as the Deputy Chief Executive Officer of Westpac Banking Corporation from 2014 until his retirement in 2017, overseeing relationships with key stakeholders including industry groups, regulators, customers and government. He was also responsible for Westpac’s Mergers & Acquisitions function. He previously held a number of executive positions including Group Chief Financial Officer and Group Executive, Westpac Institutional Bank.
Mr Coffey has successfully led operations based in Australia, New Zealand, United States and the United Kingdom and Asia and has extensive experience in financial markets, funds management, balance sheet management and risk management. He began his career at the Reserve Bank of Australia and has also held executive positions at the AIDC and Citigroup.
Mr Coffey is a Non-Executive Director of Lendlease Corporation Limited, a member of the Clean Energy Finance Corporation Board and Chairman of the Westpac Bicentennial Foundation.
Mr Coffey will be a Member of the Board Nominating Committee and the Board Risk Committee at Macquarie.
The terms of appointment of Mr Coffey and Ms Wikramanayake are the same as those applying to the existing Non-Executive, and Executive, Voting Directors, respectively. As an Executive Voting Director, Ms Wikramanayake will receive no fees for acting as a Voting Director.
The appointments will result in the Macquarie Group Board comprising 11 members (Macquarie Bank Board membership of 12), including 9 independent non-executive directors.
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