Vanguard said this that Tim Buckley will retire from his role as Chairman and Chief Executive Officer by year-end 2024 after a dynamic and highly successful tenure as CEO and more than three decades of distinguished Vanguard service in a press release. Vanguard's board of directors has initiated a comprehensive process to select a new CEO, the company reported,
The announcement also said it was evaluating both internal and external candidates. Vanguard also announced today that Chief Investment Officer Greg Davis has been appointed to the additional role of president of the firm, effective immediately, the release said. Sources without knowledge of internal board discussions said Davis's elevation to the presidency makes him the clearcut frontrunner to succeed Buckley.
"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," Mr. Buckley said in the release, reflecting on his retirement, "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. 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."
Buckley joined Vanguard in 1991 as founder John Bogle's research assistant, where he learned first-hand the principles of the shareholder-owned investment company the release said. Buckley became a member of Vanguard's senior leadership team in 2001 as head of Vanguard's technology unit. The release reported that Buckley subsequently led the Personal Investor division through a period of significant growth and then served as Chief Investment Officer before being named CEO in 2018. He was appointed Chairman in 2019.