Vanguard chairman Bill McNabb will step down next year, the passive fund giant has announced.
Chief executive Tim Buckley will take on responsibility for chairing the firm’s board from January 1, 2019 – a year after he become chief executive
McNabb joined Vanguard in 1986, becoming chief executive in 2008 and then chairman a year later.
Buckley is also a Vanguard veteran, having joined in 1991 as assistant to then-chief executive John Bogle.
McNabb says: “Tim has been a strong, focused leader at Vanguard during times of tremendous company growth, as well as periods of significant market uncertainty.
“The board of directors and I have tremendous confidence in his ability to lead Vanguard through this next chapter for the firm.”
Buckley says: “Bill’s legacy is keeping our clients at the center of everything that we do and supporting the development of our crew. Vanguard delivered unrivaled value under his leadership. He leaves our firm deep in talent and ready to give our clients the best chance of investment success.”