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Salim Ramji

Portfolio > Asset Managers

Salim Ramji Takes Helm as Vanguard CEO as Firm Faces Criticism

By Dinah Wisenberg Brin

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Salim Ramji stepped into the chief executive officer role at Vanguard Group Monday and joined the powerhouse asset manager’s board, in keeping with a previously announced transition.

Ramji will steer an industry leader that has been facing customer service complaints, criticism over new brokerage fees and policies, and questions about whether it’s shifting from its foundational customer-centric stance.

The former BlackRock executive, succeeding Tim Buckley, who has retired as chairman and CEO, becomes the first Vanguard outsider tapped for the CEO spot. He previously led iShares ETFs, index investments, U.S. wealth advisory and corporate strategy.

“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.

“I am honored and humbled to lead Vanguard into its next chapter, and am deeply committed to continue to steward the company’s mission to give investors the best chance for investment success.” 

The Wall Street Journal on Monday cited complaints over “abysmal” service at Vanguard.

Industry watchers also have questioned whether Ramji’s role leading iShares as BlackRock prepared to launch its spot bitcoin exchange-traded fund means Vanguard might soften its stance against cryptocurrency products, which it refuses to offer on its platform.

He told the Financial Times in May that he aims to add millions more customers to the investment firm’s global client base of more than 50 million in the coming years.

“Salim is a dedicated, purpose-driven leader with deep experience, powerful insight and a genuine passion for our mission,” Greg Davis, president and chief investment officer, said in a statement. “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.”

Davis has joined Vanguard’s board effective Monday, and Mark Loughridge, Vanguard’s lead independent director, is now the nonexecutive board chairman.

Dinah Wisenberg Brin

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