CFO Alex Harvey Steps Down As Macquarie Faces Lawsuit & Shareholder Pushback

Macquarie Group announced the retirement of Chief Financial Officer (CFO) Alex Harvey and the promotion of his deputy, Frank Kwok, as regulatory investigations continue. Chief Executive Officer (CEO) Shemara Wikramanayake confirmed her continued commitment to the role.

The decision follows a lawsuit by Australia’s corporate regulator accusing Macquarie of misreporting up to AUD 1.5 billion in short sales. The investment bank also reported a decline in first-quarter profit, driven by lower performance in asset management and commodities units. Shareholders pushed back on executive pay at the annual meeting, with nearly 25% expected to vote against the remuneration report. Chair Glenn Stevens said compensation impacts would be addressed in FY26.

Harvey has over 25 years of experience in the industry. Previously, he served as Global Head of Telecommunications at Macquarie and CEO at Macquarie (Asia). He holds a bachelor’s degree in economics and a master’s degree in commerce from the University of Sydney.

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