Vanguard names former BlackRock exec as new CEO
The firm has announced the successor to Tim Buckley.
Vanguard will have a new chief executive officer this summer with the firm naming the successor to Tim Buckley.
In February it was announced that Buckley would retire from the firm after 33 years including more than six years as its CEO and chairman, triggering an extensive search for a new leader for the firm as it approaches its 50th anniversary.
Leading the firm into its next phase will be Salim Ramji who will join the board and become CEO on July 8, 2024.
Ramji was a senior leader at BlackRock until January this year. He was with the firm for a decade and was most recently global head of iShares & Index Investing. Previously he was global head of Corporate Strategy and his 25-year industry career also included senior partner at McKinsey & Company in charge of the firm’s Asset & Wealth Management Practice.
He earned a bachelor’s degree in economics and politics from University of Toronto, an MA degree in law from Cambridge University, and is a CFA charterholder.
The leader-in-waiting says he’s long admired Vanguard and that it’s an honor to join the firm at an exciting time for the industry.
“The current investor landscape is changing, and that presents opportunities for Vanguard to further its mission of giving people the best chance for investment success, which is more relevant today than at any time in the firm’s five-decade history. My focus will be to mobilize Vanguard to meet the moment while staying true to that core purpose – remaining the trusted firm that takes a stand for all investors,” he said.
RIGHT CHOICE
The man Ramji will succeed says he is the right choice for the role.
“I have worked with Salim on the executive committee of the Investment Company Institute. He cares about advancing the interests of individual investors, has a strong fiduciary ethos, and thinks strategically about solutions. Salim understands our organization’s deep sense of purpose and commitment to put clients first, which is a hallmark of Vanguard’s leadership team and culture,” Buckley said.
Greg Davis, president and chief investment officer, will be appointed to Vanguard’s board and have expanded responsibility for regulatory and government affairs, while Mark Loughridge, lead independent director, will be appointed nonexecutive chairman.
“We have significant opportunities for growth ahead, including how technology and the client experience can drive solutions and extend the benefits of wealth management to more investors,” Loughridge said. “Salim is an exceptional leader who is aligned with Vanguard’s mission-driven culture, making him the ideal candidate. Vanguard has an important future, and we believe he is the best person for the job.”
There’s also a new appointment to the board as Coca Cola Company’s CFO John Murphy adds some sparkle from June 1, 2024. He’s a Coca Cola veteran with 35 years at the firm and four decades of business, financial, and operational leadership experience.
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