Tim Buckley has decided to retire from his role as chairman and chief executive officer by year-end 2024.
Vanguard also today announced that chief investment officer (CIO) Greg Davis has been appointed to the additional role of president of the firm, effective immediately.
Vanguard said in a statement that he held "a dynamic and highly successful tenure as CEO and more than three decades of distinguished Vanguard service".
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. I have been passionate about developing the next generation of leaders, and I look forward to those leaders elevating Vanguard to new heights.
"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. Today, Vanguard is poised to seize the opportunities of the future while continuing to deliver for our investor-owners.”
Vanguard further said that Buckley had "served with great distinction, driving significant innovation and accomplishment across a range of senior roles".
He joined Vanguard in 1991 as founder John Bogle’s research assistant, where he learned first-hand the founding principles of the company.
Buckley became a member of Vanguard’s senior leadership team in 2001 as head of Vanguard’s Information Technology Division.
He subsequently led the Personal Investor division through a period of significant growth and then served as chief investment officer before being named CEO in 2018. He was appointed chairman in 2019.
In his expanded role as both president and CIO, Davis will be responsible for all aspects of the firm’s investment management, retirement business, and services for financial advisor clients, overseeing the majority of Vanguard’s fund and ETF distribution.
With his expanded remit, he will also further advocate for policies for the betterment of the capital markets and help ensure more investors have the access and ability to save for a secure future.
Commenting on Davis’s appointment, Buckley said, “Having worked closely with Greg for more than a decade, I am confident he will effectively leverage his deep investment expertise and partner with our senior team to help accelerate our business and uphold Vanguard’s passionate focus on our investors.
"Greg has an outstanding record of delivering for our clients—through fund performance, by championing innovation across our product line-up, and via industry-leading thought leadership. He is a well-respected leader in our industry who is frequently sought out by policy makers and who advocates for regulatory changes to benefit everyday investors.”
Davis added: “Understanding client needs has always been critical to Vanguard’s success. 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.”
Vanguard said its board of directors had initiated a comprehensive process to select a new CEO, evaluating both internal and external candidates.
