Macquarie Group deputy managing director and Macquarie Bank chief executive Richard Sheppard will retire on 20 December after 36 years with the company.
"Thirty-six years is a long time to devote to an organisation and for my part it is not only time to do other things, but also a good time for the organisation, considering the good succession plan that we have in place," Sheppard said last week.
"And as a personal comment, I think Macquarie's best days are ahead of it."
When Sheppard joined Macquarie in 1975, the company had 50 staff across offices in Sydney and Melbourne. Today it has 15,000 people in more than 70 offices in 28 countries.
"Richard's leadership of businesses such as corporate banking and financial services and his stewardship as a member of the group's executive committee since 1986 have made a significant contribution to the strength of the group's activities today," Macquarie chief executive Nicholas Moore said.
Sheppard will be succeeded by Macquarie chief financial officer Greg Ward, while Macquarie treasurer and head of group financial management Patrick Upfold will take over the responsibilities of chief financial officer.
Meanwhile, Macquarie Capital Group head Roy Laidlaw will retire on 31 March 2012.
"Roy joined us eight years ago when he had already 'retired' from JP Morgan. He then said to us that he would give us five years. He has given us eight years since then, but I guess we always knew that we were on borrowed time over the last three years," Moore said.
"So I think with both Roy and Richard it has been long-anticipated retirements."
United States country head Tim Bishop will take on the responsibilities as head of Macquarie Capital, while Macquarie fixed income, currencies and commodities credit trading head Michael McLaughlin will succeed Bishop as US country head.
In April, Macquarie Capital head Michael Carapiet left the company and he is currently State Super chairman.
Asked if Macquarie was undergoing a generational change in its senior management, Moore said: "It's just a part of life. We have 15,000 people in the organisation and I do believe we have a turnover across the organisation of between 10 and 20 per cent in any one year."
