US fund management giant Vanguard has appointed Tim Buckley as its new chief executive.
Vanguard’s board of directors announced via statement earlier today that it has elected the firm’s current chief investment officer Buckley (pictured above) to replace outgoing CEO Bill McNabb.
Buckley will take over as both CEO and director. He succeeds McNabb, who has been CEO since 2008, but will remain at the firm and stay on as chairman of the board
Succeeding Buckley, Greg Davis, global head of Vanguard’s Fixed Income Group, will assume the role of chief investment officer.
Buckley, who joined Vanguard in 1991 as assistant to previous chairman John Bogle, has been a member of the company’s senior leadership team since 2001.
He has served as Vanguard’s chief investment officer since 2013.
US$3.8trn of assets
In his role of CIO, Davis will oversee more than US$3.8trn (€3.3trn) of assets managed by Vanguard’s fixed income, equity index, and quantitative equity groups.
Davis has led Vanguard’s Fixed Income Group since 2014, with responsibility for portfolio management, strategy, credit research, trading, and planning functions.
Also, he was formerly the company’s Asia Pacific chief investment officer and a director of Vanguard Investments Australia.
Commenting on his decision to step down as CEO, McNabb said: “As the firm continues to grow, evolve and expand globally, it is the right time for a new leader and the Board is unanimous in its belief that Tim Buckley is the ideal next chief executive for Vanguard.
“I have worked alongside Tim for many years and he brings a strong passion for serving Vanguard clients and crew, a global mindset, and significant leadership experience in all facets of our operations.”