Macquarie (ASX:MQG) share price gains as former RBA governor named chair

Here’s today’s news from the banking and financial services giant.

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The Macquarie Group Ltd (ASX: MQG) share price is higher on Thursday after the company decided on its next chair.

Glenn Stevens will take over from the group and bank’s current chair Peter Warne in May.

The Macquarie share price is in the green amid the excitement. It is currently $196.63, 0.48% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is down this morning, trading 0.5% lower.

Let’s take a look at the person who will next head the financial and banking giant’s boards.

Macquarie share price up as next chair named

The Macquarie share price is moving upwards as former Reserve Bank of Australia governor Glenn Stevens is announced as the next chair of Macquarie Group and Macquarie Bank’s boards.

In his 20 years at the Reserve Bank, Stevens played a significant role in the banking industry, developing Australia’s inflation targeting framework for monetary policy.

He was appointed to the Macquarie boards in 2017 and has chaired the company’s Board Risk Committee since 2019.

On his appointment as chair, Stevens commented:

I’m honoured to have been asked by my colleagues to follow in Peter’s footsteps and look forward to working with the boards, [CEO] Shemara, and the entire Macquarie team in the continued effort to meet client, investor, regulatory, and community expectations

Warne also spoke on his stepping down and Stevens’ appointment, saying:

Over [my time on Macquarie’s boards], I’m proud that the organisation 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 Mr Stevens as the next chair.

In other news regarding the Macquarie boards, director Diane Grady announced that she will be retiring from them in February.

Warne thanked Grady for her important contribution and dedication to Macquarie over the last 10 years.

Right now, the Macquarie share price is more than 40% higher than it was at the start of 2021. It has also gained more than 40% over the last 12 months.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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