Australian bank Macquarie has again turned to its lead independent director to take over at the head of its board, following the resignation of chairman David Clarke after a long illness.

The Macquarie board knows what it is getting with Kevin McCann - he chaired the group for most of 2009, when Clarke was receiving treatment for cancer - and his reappointment ensures a smooth transition for the firm as it adjusts to the departure of it's long-serving head.