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2. Vanguard Group

Portfolio > Asset Managers

Vanguard CEO to Step Down by Year-End

By Janet Levaux

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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.

As for Davis, in his expanded role as president and CIO, he will be in charge of the firm’s investment management, retirement business and services for financial advisors. He’ll also oversee the majority of Vanguard’s fund and ETF distribution.

Davis, a 24-year Vanguard veteran, was first appointed CIO and global head of Vanguard Investment Management Group in 2017. He currently oversees $8 trillion in global assets managed by Vanguard’s fixed income, equity index and quantitative equity groups.

Before being named CIO, Davis was principal and global head of the firm’s Fixed Income Group and its Asia-Pacific chief investment officer.

“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,” Buckley said in a statement.

Janet Levaux

@Think_JanetL

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