Tim Buckley, the chairman and chief executive of Vanguard, has announced his retirement.
Buckley will step down at the end of the year after 33 years with the US mutual funds giant.
He has spent the last six years leading the firm.
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The board has begun the search for a successor. In the meantime, chief investment officer Greg Davies has been promoted to the additional role of president.
Buckley joined Vanguard in 1991 as a research assistant to founder John Bogle.
In 2001, he was appointed as head of the firm’s IT division and was subsequently chief investment officer before being named as chief executive in 2018.
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During his tenure, the firm has expanded its client base to more than 50 million while assets under management grew by 80% to US$9 trillion.
“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,” said Buckley.
“In my seventh year as CEO, we have scaled our mission to more than 50 million investors, and our team is just getting started. I have been passionate about developing the next generation of leaders, and I look forward to those leaders elevating Vanguard to new heights,” he added.
