Bill McNabb, CEO of Vanguard, is stepping down from his role at the passive giant after serving as its chief executive for nine years, the firm has announced.
Tim Buckley, chief investment officer of Vanguard, has been named as McNabb's successor and will take charge on January 1 2018. McNabb, who joined Vanguard in 1986, will remain as chairman of the board.
Buckley will become the firm’s fourth chief executive since its establishment in 1975 and has also been elected as president and director of Vanguard.
‘I have worked alongside Tim for many years and he brings a strong passion for serving Vanguard clients and crew, a global mindset, and significant leadership experience in all facets of our operations,’ said McNabb.
Buckley has been with the firm since 1991 when he joined as an assistant to the chairman at the time, John Bogle. He has held numerous leadership roles with the firm before being appointed chief investement officer in 2013.
Greg Davis, head of Vanguard’s fixed income group, will take over Buckley’s role as chief investment officer.
Davis takes on oversight of more than 300 mutual funds and exchange traded funds (ETFs) accounting for $3.8 trillion managed by the firms fixed income, equity index and quantitative equity groups.
He will be succeeded in his role as head of fixed income by John Hollyer, who has been with company since 1989, according to a Vanguard spokesperson. Since 2003, Hollyer has led the firm’s risk management group.