Vanguard reveals succession plan as CEO Bill McNabb steps down

F. William McNabb the chief executive of Vanguard at the asset management firm’s headquarters in Malvern Pa. He will exit the company after 10 years at the helm

Privately held Vanguard manages about $4.4 trillion in assets worldwide. Mr. McNabb will become chairman next year and eventually pass that role to Mr. Buckley as well.

"Vanguard's mutual funds and ETFs have gained additional share the last few years as investors have focused increasingly on lower-cost diversified products".

Vanguard chief executive Bill McNabb is stepping down from his role at the passive giant.

Mr Buckley will become Vanguard's fourth chief executive since its founding in 1975 and the third - discounting founder Jack Bogle - to have been promoted from within.

In a unanimous decision by the board of directors, Tim Buckley, who now serves as Chief Investment Officer, was selected to succeed McNabb. Much of the investor money has come Vanguard's way.

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"We are fortunate to have Greg at the helm of our global investment teams and as a new member of our senior leadership team", said Mr McNabb. He was named its chief investment officer in 2013.

McNabb, CEO since 2008, will remain as chairman of the board while Greg Davis, now global head of the firm's fixed income group, will become CIO with responsibility for some $3.8trn managed across more than 300 mutual funds and ETFs.

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".

Davis led the fixed income group since 2014 and prior to that served as chief investment officer for Asia Pacific and was a director of Vanguard Investments Australia.

"Thanks to Bill's strong leadership over the past 10 years, Vanguard is well-positioned to continue helping clients achieve investment success". "Though Vanguard has fewer ETFs than other industry heavyweights, the firm has greater than $1 billion on average in these offerings", wrote Rosenbluth.

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