Vanguard CEO Tim Buckley will retire by the end of 2024.
According to the firm, Vanguard's Board of Directors is already looking for a successor to Buckley's tenure as head of Vanguard.
Meanwhile, Chief Investment Officer Greg Davis is being named president in an expansion of his role at the company, overseeing the firm's investment management, retirement business and financial advisor services.
Buckley joined Vanguard in 1991 as a research assistant to founder John Bogle and became head of the firm's IT division 10 years later, holding the titles of head of personal investor and CIO before being named CEO in 2018 (he was named chairman of the board of Vanguard a year later).
In a statement announcing his departure, he said he was happy the business had grown to more than 50 million investors during his tenure at the helm.
“I have been passionate about developing the next generation of leaders, and I look forward to those leaders taking Vanguard to new heights,” he said.
Davis is a 24-year veteran of the firm and was named CIO and global head of Vanguard Investment Management Group in 2017. He currently oversees $8 trillion in global assets under management from the fixed income, equity index and quantitative groups of capital of Vanfuard.
In its search, the board is considering “internal and external candidates,” according to the announcement detailing Buckley's retirement.