Barely a month after his announced retirement from the Macquarie Group, chairman David Clarke has succumbed to his lingering illness at age 69.

Mr. Clark passed away surrounded by family and close friends. He been one of the major influences that led to the growth of Macquarie Group in recent years.

He was part of the leadership team for the past 40 years.

Mr Clarke formally resigned from the investment bank on March 17.

Mr Clarke became joint managing director Hill Samuel Australia in 1971, which later became the Macquarie Group. He went on to be executive chairman of Macquarie Bank from its formation in 1985 until 2007, when he became non-executive chairman.

Macquarie Group chief executive Nicholas Moore said Mr Clarke laid the key foundations for Macquarie's success.

''The way we operate today is testimony to David's enduring contribution and his adherence to the highest standards and his confidence in Macquarie's ability to compete with the best in the world,'' Mr Moore said in a statement.

Mr Clarke also promoted corporate philanthropy in the group by starting the Hill Samuel Charitable Fund in 1978 and helped found the Macquarie Group Foundation in 1985 and served as chairman of both groups.