Today’s News
Image Source: Vanguard on X
Vanguard’s Chief Executive, Tim Buckley, will be resigning at the end of this year after six years of leadership, coinciding with a period of remarkable growth for the USD 9 trillion asset manager. During his tenure, Vanguard faced scrutiny for its stance on climate change and withdrew from a prominent climate alliance, drawing criticism from progressives and accusations of greenwashing from Australian regulators.
The search for Buckley’s successor is underway, with Vanguard considering both internal and external candidates. Chief Investment Officer Greg Davis has been promoted to the position of President, assuming additional responsibilities for Vanguard’s retirement business and the division serving financial advisers.
Under Buckley’s guidance, Vanguard expanded its reach to over 50 million clients, experiencing an 80% growth in assets under management. Despite its success, the company faced challenges, including allegations of influencing American public companies and the controversy surrounding its climate change stance.
Buckley, a 33-year veteran, played a pivotal role in Vanguard’s international expansion and financial advice services. His departure marks a transition for the company, with Davis, who has been with Vanguard for 24 years, taking on an expanded role as president.
Mark Loughridge, Vanguard’s lead independent director, commended Buckley for steering the company through a period of growth and innovation. Buckley’s journey at Vanguard began as a research assistant to Jack Bogle, the company’s founder, and he later served as CIO and president before becoming the CEO.
As the company searches for its next leader, the departure of Tim Buckley signifies a significant change for Vanguard, a stalwart in low-cost index funds and retirement plan offerings.
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