Macquarie Group Ltd (ASX:MQG) has advised that its chairman David Clarke has resigned because of ill health and will be replaced by the company’s lead independent director Kevin McCann.
The departure brings Mr Clarke’s 40 years at the investment bank to a close, with the change effective immediately.
Mr McCann says that when Mr Clarke joined Hill Samuel Australia, the company that was to become Macquarie had 12 staff that has now grown to 15,500 employees.
Mr McCann has before served as chairman for around nine months, in 2008 to 2009 when Mr Clarke took a leave of absence.
Macquarie Group generated a net profit of $411 million in the six months to 30 September 2010.
