It’s the end of an era as Vanguard, the global index investing behemoth, announces a significant leadership transition.
Tim Buckley, the company's chairman and chief executive, is set to retire by the end of 2024, the fund company said Tuesday, marking the end of a notable 33-year career with Vanguard, including more than six years at the helm.
Vanguard's board is launching an extensive search for Buckley's successor, considering both internal and external candidates for the CEO position.
Meanwhile, the Pennsylvania-based investment behemoth elevated chief investment officer Greg Davis to the role of president effective immediately, signaling a strategic move to bolster its leadership structure.
Reflecting on his tenure, Buckley said: "In my seventh year as CEO, we have scaled our mission to more than 50 million investors, and our team is just getting started."
Under Buckley's leadership, Vanguard has seen significant growth, with assets under management surging by over 80% to $9 trillion, and the expansion of its advice business through innovative digital and hybrid solutions.
Mark Loughridge, Vanguard's lead independent director, praised Buckley's leadership in overseeing a period of "unprecedented innovation, growth, and transformation.” He highlighted Buckley's dedication to developing future leaders and delivering value to clients as foundational for Vanguard's continued success.
Greg Davis, who has 24 years of experience at Vanguard and currently oversees $8 trillion in global assets, is stepping into the role of president while retaining his CIO responsibilities. His expanded purview includes oversight of the firm’s investment management, retirement business, and services for financial advisor clients.
Davis's appointment is part of a broader strategy to align more closely with client needs and engage in advocacy for better capital market policies.
“Understanding client needs has always been critical to Vanguard’s success,” he said. “I am excited to serve Vanguard in this expanded role, working to ensure that our investment teams are even more proximate to the client voice and that we enhance our efforts within the industry and with policymakers to advance investor interests.”
On Davis's new role, Buckley remarked, "I am confident he will effectively leverage his deep investment expertise and partner with our senior team to help accelerate our business."
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