Sydney, 23 February 2007
Executive Chairman of Macquarie Bank, Mr David Clarke AO, today announced his intention to retire from executive responsibilities on March 31, 2007, and he will continue as the non-executive Chairman of the Bank.
At the same time Mr Clarke will also retire as Chairman from the following Macquarie ASX- listed property trusts – Macquarie CountryWide, Macquarie ProLogis, and Macquarie Office. He will also step down from his position on the Bank’s Executive Committee.
Mr Clarke will continue as Chairman of the Macquarie Bank Foundation.
Mr Clarke is currently the longest serving employee of the Bank, with over 35 years of continuous service. Mr Clarke joined Macquarie Bank’s predecessor, Hill Samuel Australia in 1971 as Joint Managing Director. From 1977 until 1984 he was Managing Director of Hill Samuel Australia Ltd and became the Executive Chairman of Macquarie Bank when it was formed in 1985.
When Mr Clarke joined Hill Samuel in 1971, the company had 12 employees. Macquarie Bank now employs approximately 10,000 people in 24 locations worldwide and is a significant Australian-based exporter of financial services.
Investors in Macquarie Bank have enjoyed an annual compound internal rate of return of approximately 29% since the Bank was formed in 1985. This means that an investment of $10,000 in Macquarie Bank shares in 1985 is now worth approximately $2,740,000 today1.
As I have previously indicated to shareholder and investors, I have been contemplating this move for some time. I have spent most of my working life with Macquarie and look forward to continuing that association as Non-Executive Chairman for some time to come,” Mr Clarke said.