VALLEY FORGE, PA — After an illustrious 33-year career, encompassing more than six years at the helm, Vanguard’s Chief Executive Officer, Tim Buckley, will retire by year-end 2024. The firm’s Board of Directors has embarked on a meticulous process to choose a new CEO from among a pool of internal and external contenders. Vanguard also promoted its Chief Investment Officer, Greg Davis, to the additional role of President, a change that will be effective immediately.
Tim Buckley’s decision to retire comes after thirty-three years of devoted work in a company that prioritizes giving a fair deal to investors as they save for retirement, for their children’s education, or for their dream home. Buckley’s stewardship saw the company reaching out to over 50 million investors, and he feels the team is only getting warmed up. He mentioned his fervor for nurturing the leaders yet to come and expressed anticipation for these leaders to advance Vanguard forward in the coming years.
Buckley’s journey with Vanguard saw him learning the company’s principles directly from John Bogle, the founder of Vanguard, during his early years as his research assistant, then progressing through several senior leadership roles. He has driven substantial innovation across the firm since joining in 1991, eventually becoming CEO in 2018 and was later appointed Chairman in 2019.
Under Buckley’s stewardship, Vanguard has seen exceptional growth across its business lines and has maintained a tradition of top-performing investments. Notable milestones of his tenure include expanding the client base exponentially to more than 50 million investors worldwide, growing assets under management by over 80% to reach $9 trillion, expanding Vanguard’s digital and hybrid advice business and modernizing operations. Buckley’s tenacity also saw Vanguard excel across international markets, offering high-quality, low-cost investment products to individual investors across the globe.
As the pandemic disrupted global financial markets, Buckley successfully navigated the firm through it, helping the business and clients maintain momentum.
Mark Loughridge, Lead Independent Director, expressed gratitude on behalf of the board for Buckley’s unwavering service to Vanguard, the investor-owners, and crew for over 33 years. His leadership oversaw a period of unprecedented innovation, growth, and transformation, building value-added services, developing future leaders, and ensuring Vanguard’s continued commitment to delivering value and exceptional service to its clients.
Greg Davis, a seasoned investment veteran, will assume an expanded role as both President and CIO. In this new role, Davis will oversee all aspects of the firm’s investment management, retirement business, and services for financial advisor clients, managing the majority of Vanguard’s fund and ETF distribution. He will also advocate for improved capital market policies and ensure more investors have the ability to save for a secure future.
Davis, a Vanguard stalwart, was first appointed CIO and global head of Vanguard Investment Management Group in 2017. He currently manages $8 trillion in global assets. His impressive career trajectory includes serving as the company’s Asia-Pacific chief investment officer and global head of Vanguard Fixed Income Group.
Commenting on Davis’s expanded role, Buckley expressed confidence in Davis’s ability to leverage his profound investment expertise and partner with the senior team to uphold Vanguard’s focus on its investors. Buckley also highlighted Davis’s pro-investment stance and his role in advocating for regulatory changes for the betterment of everyday investors.
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