Vanguard announced Tuesday that it had appointed Salim Ramji, a longtime financial services executive, as the company’s new chief executive officer and a member of the board effective July 8.
Ramji will succeed former CEO and Chairman Tim Buckley, who in February announced he would step down and retire from the firm.
“The current investor landscape is changing, and that presents opportunities for Vanguard to further its mission of giving people the best chance for investment success, which is more relevant today than at any time in the firm’s five-decade history. My focus will be to mobilize Vanguard to meet the moment while staying true to that core purpose – remaining the trusted firm that takes a stand for all investors,” Ramji said about his appointment.
Ramji has over 25 years of experience with investments, capital markets, and wealth management, most recently as a global head of iShares & Index Investing at BlackRock, where he managed client assets and worked on the iShares platform. According to Vanguard, his contributions steered investment access for tens of millions to investors and led to a more central role for exchange-traded funds (ETFs) in retirement and wealth portfolios.
Before leading iShares, Ramji was the head of U.S. Wealth Advisory and began his BlackRock career as the global head of corporate strategy. Prior to joining BlackRock, he was a senior partner at McKinsey & Company, in charge of the firm’s Asset & Wealth Management Practice. He started his career as a lawyer with Clifford Chance in London and Hong Kong.
Ramji earned a bachelor’s degree in economics and politics from University of Toronto, a master’s degree in law from Cambridge University, and is a CFA charterholder.
“The Board welcomes Salim to the leadership team and looks forward to working closely with him as we strengthen and expand our mission and purpose, driven by serving the interests of individual investors,” said Mark Loughridge, lead independent director at Vanguard. “We have significant opportunities for growth ahead, including how technology and the client experience can drive solutions and extend the benefits of wealth management to more investors. Salim is an exceptional leader who is aligned with Vanguard’s mission-driven culture, making him the ideal candidate.”
Buckley, who will retire from Vanguard after a 33-year career, including more than six as CEO, said, “I have worked with Salim on the Executive Committee of the Investment Company Institute. He cares about advancing the interests of individual investors, has a strong fiduciary ethos, and thinks strategically about solutions. Salim understands our organization’s deep sense of purpose and commitment to put clients first, which is a hallmark of Vanguard’s leadership team and culture.”
In addition to Ramji’s appointment, Vanguard also revealed that Greg Davis, president and chief investment officer, and John Murphy, president and chief financial officer of The Coca-Cola Company, will be appointed to Vanguard’s Board of Directors.
Upon the effective date of Ramji’s appointment as CEO, Buckley will step down as chairman and CEO. Loughridge, Vanguard’s lead independent director, will be appointed nonexecutive chairman.
SEE ALSO:
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- Ascensus to Buy Vanguard’s Individual 401(k), Multi SEP, and SIMPLE IRA Plans
- Corporate Roundup: Vanguard Leadership Changes, Ascensus Team Expansions
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
