Vanguard Group has named Salim Ramji, a former BlackRock executive, to replace outgoing CEO Tim Buckley, effective July 8, the asset manager announced late Tuesday.
It will mark the first time an outsider has been tapped to lead the asset manager in its roughly 50-year history, according to the Wall Street Journal.
"I have worked with Salim on the Executive Committee of the Investment Company Institute," Buckley said in a statement. "He cares about advancing the interests of individual investors, has a strong fiduciary ethos, and thinks strategically about solutions.
"Salim understands our organization's deep sense of purpose and commitment to put clients first, which is a hallmark of Vanguard's leadership team and culture," the outgoing CEO added.
Ramji — the former head of iShares ETFs, index investments, U.S. wealth advisory and corporate strategy — left BlackRock earlier this year after a decade with the asset manager. At the time, he said he would "seek a new leadership or entrepreneurial opportunity" outside of the firm.
Prior to his work at BlackRock, he spent 16 years at McKinsey & Company , where he led the consulting group's asset and wealth management practice areas. He also worked earlier for the law firm Clifford Chance.
