Friday, 21 July, 2017

Vanguard's CIO Buckley to become CEO as McNabb steps down in 2018

Bye bye Bill McNabb chief executive since 2008 will become chairman Bye bye Bill McNabb chief executive since 2008 will become chairman
Velma Reese | 15 July, 2017, 05:42

In turn, global head of fixed income Greg Davis has been promoted to chief investment officer.

Vanguard announced late Thursday that Chief Investment Officer Tim Buckley has been named president and director of the index fund giant.

Vanguard has parlayed its position as a low-priced investing pioneer be become one of the world's largest investment-management companies.

Mr McNabb, aged 60, has been the global chief executive of Vanguard since 2008 and will remain chairman of the company's board.

Tim Buckley taking over as the new Vanguard CEO next year will bring an end to Bill McNabb's roughly 10 years as the company's CEO.

He also held senior leadership roles including 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. Meanwhile, McNabb will retain his role as Chairman of the Board.

Fiat Chrysler issues 2 recalls affecting more than 1.3 million vehicles globally
The Dodge Viper will end its production run this summer at Fiat Chrysler Automobiles' Conner Avenue Assembly Plant in Detroit. Vera Bradley, Inc. (VRA) exchanged hands at an unexpectedly high level of 0.51 million shares over the course of the day.

Buckley has been with the firm since 1991 when he joined as an assistant to the chairman at the time, John Bogle.

McNabb joined Vanguard in June 1986 before becoming head of the firm's Institutional Investor Group in 1995.

"Thanks to Bill's strong leadership over the past ten years, Vanguard is well-positioned to continue helping clients achieve investment success", Buckley said in a statement.

Vanguard's dominance in the industry was perhaps most apparent a year ago as it attracted more new investor cash than all its rivals combined.

Buckley said: "I look forward to continuing to work closely with Bill [McNabb] over the next six months as I transition to my new role". In that role he did not make direct investment calls, instead he took a more strategic role, keeping an eye on performance of the firm's investments, recruitment and developing new products.

Vanguard, which is based in Pennsylvania, manages 369 funds for more than 20 million investors worldwide, and now holds $4.4trn (€3.85trn) in global assets under management. Since 2003, Hollyer has led the firm's risk management group.

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