Macquarie Group chairman Kevin McCann will step down from his post in early 2016, with independent director Peter Warne set to take the company's helm.
In announcing the appointment, 74-year-old Mr McCann said Mr Warne had extensive knowledge of and deep experience in investment banking.
Mr Warne has undertaken various roles with Bankers Trust Australia, including head of its financial markets group.
He has been a director and deputy chairman of the Sydney Futures Exchange, as well as a director at the Australian Securities Exchange.
He is chairman at ALE Property Group and OzForex and a director at NSW Treasury Corporation.
"Peter is an experienced chairman and board director," Mr McCann said. "He has brought many technical skills and industry knowledge to board and committee deliberations."
Mr McCann will retire at the end of March, with Mr Warne taking up his new role from then.
Earlier in September, Macquarie Group predicted a record annual profit of almost $1.9 billion on the back of a falling Australian dollar and rising financial markets.
On Thursday, its shares closed 56 cents higher at $77.56.
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