Insights

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

Here’s today’s news from the banking and financial services giant.
The post Macquarie (ASX:MQG) share price gains as former RBA governor named chair appeared first on The Motley Fool Australia. –

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.

The post Macquarie (ASX:MQG) share price gains as former RBA governor named chair appeared first on The Motley Fool Australia.

Should you invest $1,000 in Macquarie right now?

Before you consider Macquarie , you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Macquarie wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

ASX shares to buy for the Omicron COVID outbreak

What’s JP Morgan saying about ASX 200 bank shares?

Here’s why some ASX 200 bank shares are having a terrific Tuesday

Macquarie (ASX:MQG) share price lifts amid $1.3 billion capital raise

Here’s why Macquarie (ASX:MQG) is making news for all the wrong reasons

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!