Vanguard CEO Tim Buckley announces retirement
Vanguard has announced its international chief executive, Tim Buckley, will retire by year-end after over six years as CEO, as the firm welcomes a new president.
Buckley will depart the global asset manager as its chief executive and chairman by the end of 2024.
His 33-year long career at Vanguard beginning in 1991 included several senior positions such as chief information officer, chief investment officer, president, and more than six years as CEO.
Vanguard’s board of directors said it has commenced a comprehensive search process to find the next chief executive, as it looks both internally and externally for potential candidates.
Commenting on his future departure, Buckley said: “Thirty-three years ago, I was lucky to join a company that believed in giving investors a fair shake as they saved for retirement, for their kids’ college education, or for their dream home. In my seventh year as CEO, we have scaled our mission to more than 50 million investors, and our team is just getting started.
“It has been an absolute privilege to lead Vanguard and help advance the company’s mission of giving clients the best chance for investment success.”
During his time as CEO since 2018, Buckley led Vanguard through the COVID-19 pandemic, grew its client base to over 50 million investors globally and saw its assets under management rise by over 80 per cent to US$9 trillion.
Mark Loughridge, lead independent director at Vanguard, said: “Under his leadership, Vanguard went through a period of unprecedented innovation, growth and transformation, building high-value-added services and businesses and expanding our advice offers.
“We are extremely grateful for Tim’s many contributions and look forward to continuing to work with him throughout the upcoming CEO selection and transition process.”
Vanguard also announced that its chief investment officer, Gregory Davis, has been appointed to the additional position of president at the firm, effective immediately.
In his expanded role, Davis will be responsible for all aspects of the firm’s investment management, retirement business and services for financial adviser clients. He will also oversee the majority of Vanguard’s fund and exchange-traded fund (ETF) distribution.
“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,” Davis remarked.
AUTHOR
Jasmine Siljic
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