The firm announced on 6 February that McGrath would be stepping down from the chief executive role on 30 June 2025, having joined in 2019.
She spent five years as its chief executive for retirement and superannuation solutions business before taking over as CEO of MUFG Retirement Solutions in May 2024.
Until her departure, she will focus on the international MUFG Retirement Solutions businesses in the UK and Hong Kong.
The firm also appointed Frank Lombardo to a newly created role of chief executive for Australia and New Zealand (ANZ) at MUFG Retirement Solutions. The role will allow the business to focus on specific opportunities and deepen relationships in ANZ, which it said is its largest market for the Retirement Solutions business.
Most recently he was the chief operating and technology officer at Insignia Financial where he worked in a variety of roles over a decade.
Given the ANZ focus, Lombardo is not a direct replacement for McGrath. The firm said a global replacement chief executive will be announced in due course.
McGrath said: “It has been a privilege to lead the MUFG Retirement Solutions business globally, and to work alongside such talented teams and clients. I’m incredibly proud of what we have achieved together in a dynamic and at times, complex industry, navigating constant change to deliver meaningful outcomes and impact. After considered and careful reflection of both my personal and professional priorities, I feel now is the right time to focus on my family and embrace the next chapter ahead.”
Lombardo said: “I am excited to join the MUFG Retirement Solutions business and to lead the Australian and New Zealand team during such an important time. I believe there is much more potential to be achieved in this market, and I’m committed to working closely with our clients to build on the strong foundation already established and further strengthen our relationships with our clients. I also look forward to collaborating with the talented MUFG Retirement Solutions leadership team to continue advancing the business and supporting our clients’ success.”
Vivek Bhatia, CEO of MUFG Pension & Market Services, said: “As the largest market for our Retirement Solutions business, Australia and New Zealand remain strategically important to us. This newly created role will allow Frank to provide dedicated leadership, which we are confident will strengthen our presence, deepen client relationships, and drive further growth and transformation in this region.
“Frank brings extensive industry expertise and a proven track record of leadership, reflecting our commitment to strengthen our focus on the Australian and New Zealand markets, and we’re excited by the fresh perspective that Frank will bring.”
