Former RBA Chief Glenn Stevens to chair Macquarie (ASX:MQG)

Former Reserve Bank governor Glenn Stevens will pick up the baton from Peter Warne who will step down from the role in May next year as chairman of both Macquarie Group and its banking arm, Macquarie Bank (ASX:MQG).

The former governor of the RBA during 2006 and 2016 was after initially appointed as an independent voting director for the company four years ago, and has chaired its risk committee for the past two years.

Diane Grady, another voting director announced her plans to step down after February next year.

“Peter has overseen a strong period of progress for Macquarie, including successful management transition, record profits and a robust response to recent global challenges. I’m honoured 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.” Mr Stevens said.

Shares in Macquarie (ASX:MQG) are trading 0.1 per cent lower at $195.41.