David Fleck, president and chief executive officer of Macquarie Group Ltd. (MQG)’s business in Canada, is leaving after almost two-and-a-half years at the bank and will be replaced by Daniel Cristall.
Cristall, who runs oil and gas banking for Macquarie Capital Markets Canada Ltd., will replace Fleck as CEO on Oct. 31, Fleck said in an interview today. Alex Rothwell, head of corporate securities in Toronto for the unit, will become president.
“Macquarie management and I came to this decision together,” Fleck, 54, said in a phone interview from Toronto. “It’s not adversarial at all.”
Macquarie, Australia’s biggest investment bank, is exiting its real estate and leveraged-finance investment-banking business in Canada, a person with direct knowledge of the change said on Sept. 4.
Fleck, who was co-head of equity sales and trading at Bank of Montreal before joining Sydney-based Macquarie in May 2011, said he doesn’t yet have another position lined up.
“I love this business and I’m not retiring,” he said.
Cristall and Rothwell didn’t respond to phone calls and e-mails seeking comment. The Wall Street Journal reported Fleck’s planned departure earlier today.
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