Vanguard announced today that its Chairman and Chief Executive Officer Tim Buckley will retire by year-end after a distinguished 33-year career, including more than six years as CEO.
Vanguard’s Board of Directors has initiated a comprehensive process to select a new CEO, evaluating both internal and external candidates, the company said in a press release announcing the retirement. Vanguard also announced today that Chief Investment Officer Greg Davis has been appointed to the additional role of President of the firm, effective immediately.
“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.”
Tim Buckley
“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,” Buckley said. “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.”
Buckley joined Vanguard in 1991 as legendary 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.
“On behalf of the Board, I would like to thank Tim for his unwavering commitment and outstanding, dedicated service to Vanguard and its investor-owners and crew for more than 33 years,” said Mark Loughridge, Lead Independent Director. “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. These achievements, plus his focus on developing future leaders and ensuring Vanguard always delivers value and great service to clients, position Vanguard for continued success in the years to come.”
Highlights of Buckley’s tenure include expanding the client base by tens of millions to more than 50 million investors globally, growing assets under management by more than 80% to $9 trillion, dramatically expanding Vanguard’s advice business with differentiated digital and hybrid solutions, digitizing and modernizing business operations and the client experience, and improving client service and satisfaction.
During his tenure, Valley Forge, Pa.-based Vanguard thrived not only in the U.S. but internationally across the United Kingdom, Europe, Australia, Canada, and Latin America, bringing high-quality, low-cost investment products to individual investors in markets across the globe. Buckley also successfully led the firm through the global COVID pandemic, maintaining consistent business, operational, and client momentum through one of the most disruptive economic and social periods of recent history.
Expanded role for Davis
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.
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.
“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. “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, 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.
An accomplished industry leader, Davis is a member of both the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury and the Federal Reserve Bank of New York Investor Advisory Committee on Financial Markets.
Prior to being named CIO, Davis was principal and global head of Vanguard Fixed Income Group. He also previously served as the company’s Asia-Pacific chief investment officer.
“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,” Davis said.
Back in December, Vanguard announced another senior leadership change, appointing Amma Boateng to head its Financial Advisor Services (FAS) division, following the retirement of Tom Rampulla, managing director and head of FAS. Boateng joined Vanguard’s senior leadership team and became the head of the division effective Jan. 1, 2024.
SEE ALSO:
• 401(k) Participation Rate at All-Time High: Vanguard
• Corporate Roundup: Vanguard Leadership Changes
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
