Vanguard, the retail investing giant, is officially entering a new era with a new chief executive taking the reins.
Following a planned transition revealed on May 14, Vanguard announced Monday that Salim Ramji has officially taken on the role of chief executive officer and joined the company's board of directors.
Ramji succeeds Tim Buckley, who has retired after over 30 years at Vanguard, including a notable period as chairman and CEO. Buckley’s retirement was first revealed in a bombshell announcement in February.
"For nearly 50 years, Vanguard has taken a stand for individual investors, with an unyielding commitment to serving their best interests and helping them achieve their long-term financial goals," Ramji said in a statement.
In a separate statement, Ramji highlighted three areas of focus for the company moving forward. First was a commitment to “continue delivering for our clients” and earn their trust on a daily basis.
He also vowed the company would adhere to the vision originally conceived by Jack Bogle, the legend founder whose efforts brought index investing to the masses.
“We will never deviate from Jack Bogle’s original focus on taking a stand for investors and giving our clients the best chance of investment success,” he said.
Finally, he indicated Vanguard would also move forward with the times, making sure it anticipates customers’ needs and evolve its capabilities to serve them well.
Ramji brings over 25 years of financial services experience to his new position, including a pivotal stint leading BlackRock’s iShares ETFs and index investing division.
His extensive background in investments, capital markets, and wealth management, coupled with a strong cultural alignment and a fresh global perspective, is expected to benefit individual investors worldwide.
Some have suggested the introduction of an external leader would bring some advantages to the sprawling organization that Vanguard has turned into.
Greg Davis, president and chief investment officer, voiced his support for the index investing titan’s new externally appointed CEO.
"Salim is a dedicated, purpose-driven leader with deep experience, powerful insight, and a genuine passion for our mission. I am excited to collaborate with him as we aim to continue to deliver innovative products and highly personalized advice that helps maximize long-term returns for our investor-owners," he said.
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