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The Macquarie Group has welcomed a former Commonwealth Bank of Australia (CBA) executive and chief information officer (CIO) David Whiteing to the board of Macquarie Bank Limited (MBL).
Mr Whiteing commenced in his new position as an independent non-executive director on Wednesday (27 September), sitting alongside Ian Saines and Michael Colman.
The group said Mr Whiteing will be “one of three bank-only non-executive directors (BONDs) and will contribute to strengthening the voice of MBL within the group”.
It commented that Mr Whiteing had “experience” to bring to the position, citing his previous roles in senior positions in global companies such as McKinsey & Company, BP, and Accenture.
The group added: “Mr Whiteing brings over 30 years of experience leading business and technology strategies across multiple sectors through periods of significant change.
“He has worked globally, including four years as global chief operating officer (COO) for Standard Chartered based in Singapore, various senior consulting roles in London and five years as a group executive at Commonwealth Bank of Australia.”
Mr Whiteing’s appointment followed that of Susan Lloyd-Hurwitz, who started as group director as of 1 June 2023. After joining the group board, Ms Lloyd-Hurwitz also joined the MBL board on 28 July 2023.
She moved to the non-major bank after having most recently served as chief executive and managing director of Mirvac, a position she held for over a decade.
At the time of her appointment, the group stated: “Ms Lloyd-Hurwitz was a high-regarded CEO of Mirvac until earlier this year. She brings over 30 years of global investment and real estate sector expertise and she is also a Macquarie alumnus, having started various Macquarie funds in the Asia Pacific from 2003.”
Macquarie’s home loan lift
Macquarie has been on a growth path in the past few years, with the bank’s home loan portfolio rising 2 per cent to $109.8 billion in the first quarter of its 2024 financial year (April to June 2023), compared to the previous quarter (ended March 2023).
However, the group’s annual report revealed a decrease in its car loans portfolio of $5.6 billion, a drop of 8 per cent on 31 March 2023.
Speaking at Macquarie Group Limited’s AGM in Sydney earlier this year, board chair Glenn Stevens commented that there could still be some tough times on the horizon.
“Times will most likely be more difficult in the near term. Inflation has so far remained troublingly high in most markets, and central banks around the world are in a once-in-a-generation struggle to restore price stability that was such an important feature of the most recent era of growth,” Mr Stevens said.
“For both capital markets and communities, much hinges on success in that struggle. At this point, interest rates seem likely to be higher, and for longer, than most people envisaged a short while ago, with the associated prospect of weak economic outcomes.”
[Related: Macquarie Group AGM reveals home loan lift]
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