Banking great tenders resignation for health reasons
(18 March 2010 – Australia) David Clarke, chairman of investment bank Macquarie Group has tendered his resignation citing health reasons, 19 months after resuming his responsibilities following treatment for cancer.
Mr Clarke is being replaced by Kevin McCann, the Sydney based company’s lead independent director.
A spokeswoman for the bank, Paula Hannaford, declined to disclose the nature of Mr Clarke’s illness in a telephone interview.
Mr McCann also sits on the boards of BlueScope Steel Ltd and Origin Energy Ltd and will oversee Macquarie’s expansion into North and Latin America.
Last month Macquarie cut its guidance for second half earnings, and according to UBS, the company risks being caught in an untenable position as it gets squeezed by traditional wall street giants and boutique advisory firms.
Mr Clarke is considered one of Australia’s "great business leaders" helping transform Macquarie into a truly global operation, employing over 15,500 employees, compared with the 12 staff employed by its predecessor firm Hill Samuel Australia in 1971.
Mr McCann assumed Mr Clarke’s responsibilities when the latter took a nine-month leave of absence in November 2008 for medical treatment.
"I speak for every board member, past and present, when I say it was an honor to serve with David to build a successful global operation from such small beginnings," McCann said in today’s statement.
Clarke was appointed joint managing director of Hill Samuel in 1972, before being appointed managing director in 1977 and executive chairman in 1984, Macquarie said in the statement. He held the post of executive chairman of Macquarie from 1985 to March 2007, when he ceased executive duties.
McCann has been an independent voting director of Macquarie Group since August 2007, and on Macquarie Bank Ltd.’s board since December 1996. McCann is Chairman of Origin Energy, Australia’s largest energy retailer, and a director at BlueScope, the nation’s biggest steelmaker.
A spokeswoman for the bank, Paula Hannaford, declined to disclose the nature of Mr Clarke’s illness in a telephone interview.
Mr McCann also sits on the boards of BlueScope Steel Ltd and Origin Energy Ltd and will oversee Macquarie’s expansion into North and Latin America.
Last month Macquarie cut its guidance for second half earnings, and according to UBS, the company risks being caught in an untenable position as it gets squeezed by traditional wall street giants and boutique advisory firms.
Mr Clarke is considered one of Australia’s "great business leaders" helping transform Macquarie into a truly global operation, employing over 15,500 employees, compared with the 12 staff employed by its predecessor firm Hill Samuel Australia in 1971.
Mr McCann assumed Mr Clarke’s responsibilities when the latter took a nine-month leave of absence in November 2008 for medical treatment.
"I speak for every board member, past and present, when I say it was an honor to serve with David to build a successful global operation from such small beginnings," McCann said in today’s statement.
Clarke was appointed joint managing director of Hill Samuel in 1972, before being appointed managing director in 1977 and executive chairman in 1984, Macquarie said in the statement. He held the post of executive chairman of Macquarie from 1985 to March 2007, when he ceased executive duties.
McCann has been an independent voting director of Macquarie Group since August 2007, and on Macquarie Bank Ltd.’s board since December 1996. McCann is Chairman of Origin Energy, Australia’s largest energy retailer, and a director at BlueScope, the nation’s biggest steelmaker.
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