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Glenn Stevens Appointed Next Chair of Macquarie Group & Macquarie Bank

Glenn Stevens Appointed Next Chair of Macquarie Group & Macquarie Bank

Based on Peter Warne’s previously announced decision to retire by the 2022 Annual General Meeting, the boards have resolved that Glenn Stevens be appointed as the next chair of Macquarie Group Ltd. (MGL) and Macquarie Bank Ltd. (MBL). Stevens' appointment and Warne's retirement as a voting director on both boards will be effective in early May 2022, following the 2022 full-year results announcement. Diane Grady, who has been a voting director of MGL and MBL for more than 10 years, has also announced her intention to retire, effective after the board meetings currently scheduled for Feb. 24, 2022.

Warne has been chair of the MGL and MBL boards since April 2016 and a director of both entities since 2007. Stevens was appointed an independent voting director of MGL and of MBL in November 2017, has chaired the Board Risk Committee since November 2019 and also serves as a member of the Board Audit and Board Nominating Committees.

Grady has been a director of MGL and MBL since May 2011 and is a member of the Board Governance and Compliance Committee, Board Nominating Committee, Board Remuneration Committee and Board Risk Committee.

"It's been a memorable eleven years and a real privilege to have been a director of such an inspiring company," Grady said. "I have appreciated the opportunity to work with so many outstanding executives and board members over the years and have been impressed by the quality of people at all levels and geographies in Macquarie. I am particularly proud of Macquarie's purpose statement 'to empower people to innovate and invest for a better future' and our core principles of 'Opportunity, Accountability and Integrity,' which continue to guide how the group does business."

"The board thanks Diane for her important contribution and dedication to Macquarie over 10 years through a strong period of growth for the company," Warne said. "We very much valued Diane's broad experience working with major listed companies with international businesses, as well as expertise in strategy and operations in the Asia Pacific region in particular.

"I have immensely enjoyed my time on the Macquarie boards, working alongside some incredibly talented people across both management and my non-executive colleagues," Warne continued. "Over that time, I'm proud that the organization has continued its strong growth trajectory, meeting broad areas of community need through different market cycles, not least over the last two years of the COVID-19 pandemic. I am pleased that the boards have selected Stevens as the next chair, with his deep expertise in markets and economics after many years as a successful governor of the Reserve Bank of Australia."

"Peter has been a committed and engaged chair and board member for Macquarie over many years," Stevens said. "He is well-liked across the staff population and highly respected in the Australian and global business community. Peter has overseen a period of strong progress for Macquarie, including successful management transition, record profits and a robust response to recent global challenges. I'm honored to have been asked by my colleagues to follow in Peter's footsteps and look forward to working with the boards, Shemara and the entire Macquarie team in the continued effort to meet client, investor, regulatory and community expectations."

Stevens worked at the highest levels of the Reserve Bank of Australia for 20 years and, as well as developing Australia's successful inflation targeting framework for monetary policy, played a significant role in central banking internationally. He was governor of the Reserve Bank of Australia between 2006 and 2016. Stevens has also made key contributions to a number of Australian and international boards and committees, including as chair of the Australian Council of Financial Regulators between 2006 and 2016, as a member of the Financial Stability Board and on a range of G20 committees, and as a current board member of NSW Treasury Corp.

In other news, Macquarie Capital has announced the appointment of Roberto Sambuco as a senior managing director, strengthening the firm’s local presence and capabilities.

"We are very pleased to welcome Roberto, his proven track record and focus will be invaluable in continuing to grow the team and strengthen Macquarie Group's presence in Milan," said Roberto Purcaro, head, Macquarie Capital in Italy. "We consider Italy to be a country of great opportunity and one that's at an inflexion point with the implementation of reforms and a focus on prioritising digitalisation, decarbonisation and new infrastructure, combined with the firepower of the National Recovery and Resilience Plan. Private finance has an important role to play in achieving these goals and we want to contribute to the Italian market with our global expertise."

Sambuco will bring specialist expertise, innovative perspectives and flexible capital solutions to support clients and partners across infrastructure, energy and technology.

He joins Macquarie Capital from Vitale&Co, where he was a partner and brings more than 25 years' experience across corporate finance, industrial and public management. He led several high-profile M&A transactions for corporates such as Tim, Cassa Depositi e Prestiti, Sia, WeBuild, Metroweb-OpenFiber, Italgas, as well as for leading infrastructure funds and private equity firms.

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