Vanguard says Chairman and CEO Tim Buckley will retire by the end of this year after more than three decades with the asset manager. Also, Chief Investment Officer Greg Davis has been appointed to the additional role of president, effective immediately.
Vanguard's board has started the search process for a new CEO and will reviewing "both internal and external candidates," the firm said late Thursday.
"In my seventh year as CEO, we have scaled our mission … and our team is just getting started," according to Buckley. "I have been passionate about developing the next generation of leaders, and I look forward to those leaders elevating Vanguard to new heights."
Buckley joined Vanguard in 1991 as founder John Bogle's research assistant. He became part of the firm's senior leadership team in 2001 as head of its Information Technology division, later led the Personal Investor unit and served as chief investment officer. He was named CEO in 2018 and appointed chairman in 2019.
During Buckley's tenure, Vanguard says, the firm grew its client base by tens of millions to over 50 million investors worldwide, while its assets under management jumped 80%-plus to $9 trillion.
