Vanguard CEO Tim Buckley to retire at the end of the year
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The news: Vanguard CEO Tim Buckley will retire at the end of the year, after more than six years at the helm of the global investment giant.
The numbers: Buckley was appointed CEO of Vanguard in 2018, and has also served as chair since 2019, having originally joined the Pennsylvania-based company in 1991.
Vanguard said that under Buckley's tenure, the company has expanded its client base by "tens of millions" to more than 50 million investors worldwide, growing assets under management by more than 80% to USD9 trillion ($13.85 trillion).
The context: Recruitment for Buckley's successor is underway, while Vanguard's chief investment officer Greg Davis will commence immediately in an expanded role as both president and CIO of the company, responsible for all aspects of the firm's investment management, retirement business, and services for financial adviser clients.
What they said: “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.
On Davis' appointment, Buckley added: “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".
The source: Vanguard media release
