Investment giant Vanguard Group Inc. said its chief executive officer, Tim Buckley, will retire by year-end after more than three decades at the company.
The Valley Forge, Pennsylvania firm’s board has initiated a search process for its next CEO and will consider both internal and external candidates, according to a statement. Vanguard said Chief Investment Officer Greg Davis has been named president, a job he will hold in addition to his current responsibilities.
“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,” Buckley said in the statement. “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 has held the CEO post since 2018. Vanguard managed $8.7 trillion through the end of January.
Vanguard has benefited from a decade-long boom in index investing, particularly in the US as clients shifted toward the kind of cheap passive funds that the company has promoted. That move away from active funds with portfolio managers picking stocks and bonds has picked up, especially in ETFs — which Vanguard has expanded into as the second-largest US ETF issuer behind BlackRock Inc.
The company has made limited inroads into the fast-growing markets for private assets and has pulled back from some international operations, notably its business in China.
