David Clarke has resigned as chairman of Macquarie Bank after 35 years with the investment bank.
Clarke, who will relinquish his responsibilities on March 31, is the longest serving employee of Macquarie Bank and a founder member. He joined Hill Samuel, Macquarie Bank's predecessor, in 1971 as joint managing director.
The bank will not be looking for a replacement.
He became executive chairman of Macquarie Bank when it was formed in 1985.
Since that time the bank has gone from being a relative unknown branch of a UK investment bank, Hill Samuel, to a global banking giant.
When Clarke joined Hill Samuel in 1971 the company had 12 employees. Macquarie Bank now employs over 10,000 people in 24 offices across the world.
"As I have previously indicated to shareholders 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," Clarke said.
Clarke will also retire as chairman of Macquarie CountryWide, Macquarie ProLogis, and Macquarie Office and step down from his position on the bank's executive committee. He will continue as the non-executive chairman of the bank.
Clarke will be keeping himself busy thanks to his involvement with numerous organisations and public bodies.
He is chairman of McGuigan Simeon Wines, the Opera Australia Capital Fund, the Sydney and Territorial Advisory Board of the Salvation Army and the George Gregan Foundation.
He is also a member of the investment advisory committee of the Australian Olympic Foundation, the Harvard Business School Asia Pacific advisory committee and the Bloomberg Asia advisory board.
