The chairman of one of Australia’s biggest challenger banks has today announced his retirement, with the group revealing his successor as well.
H Kevin McCann AM will retire as chairman and a voting director of Macquarie Group and Macquarie Bank, effective 31 March 2016.
To succeed him, independent director Peter Warne has been appointed non-executive chairman of the boards of Macquarie Group and Macquarie Bank effective on Mr McCann’s retirement.
Mr Warne was appointed an independent voting director of Macquarie Group in August 2007 and of Macquarie Bank in July 2007.
In announcing the appointment, Mr McCann said that Mr Warne has extensive knowledge of, and deep experience in, financial services and investment banking through a number of roles at Bankers Trust Australia Limited, including as head of its Financial Markets Group from 1988 to 1999.
Mr Warne also has extensive board experience. He was a director of the Sydney Futures Exchange (SFE) and served as deputy chairman of the SFE from 1995 to 1999.
He became a director of the Australian Securities Exchange (ASX Limited) when the SFE merged with ASX Limited in July 2006.
Mr Warne is chairman of ALE Property Group and OzForex Group Limited, a director of NSW Treasury Corporation, a member of the advisory board of the Australian Office of Financial Management and a patron of Macquarie University Foundation.
“Peter is an experienced chairman and board director. He has brought many technical skills and industry knowledge to board and committee deliberations,” Mr McCann said.
As a director of both the SFE and ASX, Mr Warne 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.
Mr McCann is one of Australia’s pre-eminent company chairmen. He has wide board experience with major Australian companies and not-for-profits. He was previously chairman of Origin Energy Limited, Healthscope Limited and ING Management Limited and a director of BlueScope Steel Limited. Mr McCann was partner of leading Australian law firm Allens Arthur Robinson for 34 years and also served as chairman.
His community boards include vice chairman of the New Colombo Plan Reference Group, director of the United States Studies Centre at the University of Sydney, and chairman of the National Library of Australia Foundation and Sydney Harbour Federation Trust as well as a fellow of the senate of the University of Sydney.
Mr Warne paid tribute to the outgoing chairman: “Kevin is highly regarded by the Australian business community. He has a distinguished record of service to corporate Australia, philanthropy and to public service. When our founding chairman David Clarke suffered ill health, Kevin was appointed acting chairman of MGL and MBL from November 2008 until August 2009 and succeeded Mr Clarke as chairman in 2011.
“Over the past four years as chairman, Kevin has presided over Macquarie’s continued profit growth, the evolution of its businesses, and the growth of its international income which now constitutes 70 per cent of total income. Returns to shareholders have remained strong and Macquarie is recognised as a successful global Australian company.”