Tim Buckley, previously chief investment officer of Vanguard, has been elected by the board as the company’s new chief executive officer, effective from 1 January 2018. Buckley will succeed Bill McNabb to become the fourth CEO in the firm’s history.
Tim Buckley, Vanguard chief executive officer elect.
McNabb joined Vanguard in June 1986 and became a member of Vanguard’s senior leadership team in 1995 as head of Vanguard’s Institutional Investor Group. He was named CEO in 2008 and chairman in 2009.
Commenting on his decision to step down, McNabb said: “As the firm continues to grow, evolve and expand globally, it is the right time for a new leader and the Board is unanimous in its belief that Tim Buckley is the ideal next chief executive for Vanguard. I have worked alongside Tim for many years and he brings a strong passion for serving Vanguard clients and crew, a global mindset, and significant leadership experience in all facets of our operations.”
Buckley has been a member of Vanguard’s senior leadership team since 2001 and has served as Vanguard’s CIO since 2013. He joined Vanguard in 1991 as assistant to then chairman John C. Bogle. He was elected as a principal of the firm in 1998 and subsequently held senior leadership roles in two divisions, including as chief information officer and head of Vanguard’s information technology division from 2001 to 2006, and head of Vanguard’s retail investor group from 2006 to 2012.
“Vanguard’s mutual structure and client-focused culture serve as the foundation for everything we do, and I am honoured to lead this great organisation into its next chapter,” said Buckley. “Thanks to Bill’s strong leadership over the past ten years, Vanguard is well-positioned to continue helping clients achieve investment success. I look forward to continuing to work closely with Bill over the next six months as I transition to my new role.”
As part of the reshuffle, Greg Davies will move into the vacant CIO role. As CIO, Davis assumes oversight responsibility for more than $3.8 trillion managed by Vanguard’s fixed income, equity index, and quantitative equity groups. The more than 300 mutual funds and ETFs managed by these groups encompass active and index stock, active and index fixed income, money market, and stable value mandates.
As of June 2017, Vanguard managed $4.4 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers 369 funds to its more than 20 million investors worldwide.