Vanguard CEO Tim Buckley will retire by the end of 2024.
According to the firm, the Vanguard Board of Directors is already searching for a successor to Buckley’s tenure as Vanguard’s head.
In the meantime, Chief Investment Officer Greg Davis is being appointed as president in an expansion of his role at the company, overseeing the firm’s investment management, retirement business and financial advisor services.
Buckley joined Vanguard in 1991 as a research assistant to founder John Bogle and became the head of the firm’s IT division 10 years later, holding the titles of personal investor head and CIO before being appointed CEO in 2018 (he was appointed chairman of Vanguard’s board one year later).
In a statement announcing his departure, he said he was happy that the business had ballooned to more than 50 million investors during his tenure in charge.
“I have been passionate about developing the next generation of leaders, and I look forward to those leaders elevating Vanguard to new heights,” he said.
Davis is a 24-year veteran of the firm and was appointed CIO and the global head of the Vanguard Investment Management Group in 2017. He’s currently overseeing $8 trillion in managed global assets by Vanfuard’s fixed income, equity index and quantitative equity groups.
In it’s search, the board is examining "both internal and external candidates,” according to the announcement detailing Buckley’s retirement.