Barnaba leaves Macquarie, joins RBA

Five years after joining Macquarie Group as its Western Australian chairman, Mark Barnaba is leaving to pursue a career as a non-executive director, with his first new role to be on the board of Australia’s central bank.

Mr Barnaba will replace another Western Australian on the Reserve Bank of Australia board, with former Woodside Petroleum chief executive John Akehurst due to retire on August 30 after 10 years.

Mr Barnaba’s new role will add to his current position as lead independent director of Fortescue Metals Group, as well as being chair of Black Swan State Theatre Company.

Treasurer Scott Morrison announced the Reserve Bank appointment this morning, saying Mr Barnaba would ensure the WA perspective continued to be understood.

Macquarie managing director Nicholas Moore told staff yesterday that Mr Barnaba would be succeeded by Abe Anand.

"Under Mark's leadership, our Perth office has grown significantly with Macquarie Group-invested capital in Western Australia having nearly doubled to over $8 billion in that time," Mr Moore said in a statement.

Mr Barnaba, who was the inaugural First Amongst Equals winner in Business News 40under40 awards in 2002, is one of Perth’s best-connected business leaders.

He was a co-founder of investment bank Azure Capital and before that advisory firm GEM Consulting.

He is also an ex-chairman of the West Coast Eagles and Western Power.

Mr Barnaba joined Macquarie in February 2012 as chairman of its WA business.

In May 2013, he accepted an additional appointment as chairman of Macquarie Capital’s Global Resources Group, and in 2016 became chair of Macquarie’s corporate and asset finance group’s Australasian lending business.

He will retire with effect from September 1 2017.