Vanguard chief executive Bill McNabb is stepping down as chief executive of the fund management giant after nine years at the helm.
He will step down on 1 January next year, but will remain as chairman of the board.
McNabb is being succeeded by chief investment officer Tim Buckley. In turn, global head of fixed income Greg Davis has been promoted to chief investment officer.
McNabb joined Vanguard in 1986 and became a member of Vanguard’s senior leadership team in 1995 as head of Vanguard’s institutional investor group. He was named chief executive in 2008 and chairman in 2009.
He says: “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.”