Bill McNabb has plans to step down as CEO at Vanguard Group. He will be replaced by CIO Tim Buckley.
McNabb was named CEO in 2008. He will remain chairman of the board. McNabb joined Vanguard in June 1986 and became a member of Vanguard’s senior leadership team in 1995 as head of Vanguard’s Institutional Investor Group.
Commenting on his decision to step down as CEO, McNabb said: “As the firm continues to grow, evolve and expand globally, it is the right time for a new leader and the board is unanimous in its belief that Tim Buckley is the ideal next chief executive for 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.”
Under the planned succession, Buckley will become the firm’s fourth CEO since it’s founding in 1975. Buckley has been a member of Vanguard’s senior leadership team since 2001 and has served as Vanguard’s chief investment officer since 2013. He joined Vanguard in 1991 as assistant to then chairman John Bogle. He was elected as a principal of the firm in 1998, and subsequently held senior leadership roles in two divisions, including as chief information officer and head of Vanguard’s information technology division from 2001 to 2006, and head of Vanguard’s retail investor group from 2006 to 2012.
Greg Davis, global head of Vanguard’s fixed-income group, will assume the position of chief investment officer.