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The Vanguard Group, Inc. confirmed that its chief executive officer, Tim Buckley, is stepping down to retire. He is set to leave by the end of this year after serving the company for more than three decades.
Hunt for a New Leader
The investment management company's board of directors is actively searching for a new leader who will succeed Buckley. Vanguard is reportedly considering executive candidates from both internal and external settings.
As per Reuters, while Vanguard has already initiated the process for the selection of the next CEO, it has promoted Greg Davis to be the company's president, and his appointment is effective immediately. Davis has been serving as chief investment officer before the promotion.
Outgoing Chief's Extraordinary Achievements in Leading Vanguard
Tim Buckley was hired by Vanguard in 1991 and has held various executive roles since then, including chief investment officer. In 2018, he was promoted to the CEO post and remained in the role until retirement. Under his leadership, Vanguard grew its assets and saw an 80% growth to $9 trillion.
"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," Vanguard's lead independent director, Mark Loughridge, said in a press release. "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."
Loughridge added, "We are extremely grateful for Tim's many contributions and look forward to continuing to work with him throughout the upcoming CEO selection and transition process."
Meanwhile, on his decision to retire, Buckley stated, "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."
Photo by: Vanguard Press Release
