Macquarie’s longest serving employee, deputy Chief Executive Officer Richard Sheppard, has announced he will be stepping down from the position and departing the company after 36 years of service.

 

Macquarie announced Mr Sheppard will depart from the company in late December, to be replaced by  Chief Financial Officer Greg Ward.

 

Mr Sheppard’s 36 year tenure with the company has seen the group transform from a small subsidiary of the British Bank to one of the largest investment institutions in the world.

 

Mr Sheppard’s resignation coincides with the company posting a $305 million half-year profit, down 24 per cent from the same time last year.

 

“As we previously advised the market, the first half has seen heightened levels of uncertainty in global financial markets. This has resulted in low levels of client activity, significant volatility in capital and commodity markets and disruption to many capital markets functions,” Macquarie Group Managing Director and Chief Executive Officer Nicholas Moore said.