Vanguard Announces CEO Retirement and Appointment of President

Chief Executive Officer Tim Buckley to retire by year-end after a distinguished 33-year career, including more than six years as CEO Board is currently conducting comprehensive CEO selection process Chief Investment Officer Greg Davis appointed President in expanded role

VALLEY FORGE, Pa., Feb. 29, 2024 /PRNewswire/ — Vanguard announced today that Tim Buckley will retire from his role as Chairman and Chief Executive Officer by year-end 2024 after a dynamic and highly successful tenure as CEO and more than three decades of distinguished Vanguard service. Vanguard’s Board of Directors has initiated a comprehensive process to select a new CEO, evaluating both internal and external candidates. Vanguard also announced today that Chief Investment Officer Greg Davis has been appointed to the additional role of President of the firm, effective immediately.

On his decision to retire as CEO, Mr. Buckley said, “Thirty-three years ago, I was lucky to join a company that believed in giving investors a fair shake as they saved for retirement, for their kids’ college education, or for their dream home. In my seventh year as CEO, we have scaled our mission to more than 50 million investors, and our team is just getting started. I have been passionate about developing the next generation of leaders, and I look forward to those leaders elevating Vanguard to new heights. It has been an absolute privilege to lead Vanguard and help advance the company’s mission of giving clients the best chance for investment success. Today, Vanguard is poised to seize the opportunities of the future while continuing to deliver for our investor-owners.”

During his tenure at Vanguard, Mr. Buckley has served with great distinction, driving significant innovation and accomplishment across a range of senior roles. He joined Vanguard in 1991 as founder John Bogle’s research assistant, where he learned first-hand the founding principles of the company. Mr. Buckley became a member of Vanguard’s senior leadership team in 2001 as head of Vanguard’s Information Technology Division. He subsequently led the Personal Investor division through a period of significant growth and then served as Chief Investment Officer before being named CEO in 2018. He was appointed Chairman in 2019.

Under Mr. Buckley’s leadership, Vanguard has experienced remarkable momentum across its lines of business and a track record of top-performing investments1, all in service to its investor-owners. Highlights of his tenure include expanding the client base by tens of millions to more than 50 million investors globally, growing assets under management by more than 80% to $9 trillion, dramatically expanding Vanguard’s award-winning2 advice business with differentiated digital and hybrid solutions, digitizing and modernizing business operations and the client experience, and improving client service and satisfaction3. During his tenure, Vanguard thrived not only in the U.S. but internationally across the United Kingdom, Europe, Australia, Canada, and Latin America, bringing high-quality, low-cost investment products to individual investors in markets across the globe. Mr. Buckley also successfully led the firm through the global COVID pandemic, maintaining consistent business, operational, and client momentum through one of the most disruptive economic and social periods of recent history.

Mark Loughridge, Lead Independent Director, said, “On behalf of the Board, I would like to thank Tim for his unwavering commitment and outstanding, dedicated service to Vanguard and its investor-owners and crew for more than 33 years. Under his leadership, Vanguard went through a period of unprecedented innovation, growth, and transformation, building high-value-added services and businesses and expanding our advice offers. These achievements, plus his focus on developing future leaders and ensuring Vanguard always delivers value and great service to clients, position Vanguard for continued success in the years to come. We are extremely grateful for Tim’s many contributions and look forward to continuing to work with him throughout the upcoming CEO selection and transition process.”

Investment veteran and Chief Investment Officer Greg Davis to expand role, becoming President

In his expanded role as both President and CIO, Mr. Davis will be responsible for all aspects of the firm’s investment management, retirement business, and services for financial advisor clients, overseeing the majority of Vanguard’s fund and ETF distribution. Within his expanded remit, he will also further advocate for policies for the betterment of the capital markets and help ensure more investors have the access and ability to save for a secure future.

Mr. Davis, a 24-year Vanguard veteran, was first appointed CIO and global head of Vanguard Investment Management Group in 2017. He currently oversees $8 trillion in global assets managed by Vanguard’s fixed income, equity index, and quantitative equity groups. An accomplished industry leader, Mr. Davis is a member of both the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury and the Federal Reserve Bank of New York Investor Advisory Committee on Financial Markets. Prior to being named CIO, Mr. Davis was principal and global head of Vanguard Fixed Income Group. He also previously served as the company’s Asia-Pacific chief investment officer. Mr. Davis is the Vice Chair of the board of trustees for the Children’s Hospital of Philadelphia. He earned a B.S. in insurance from The Pennsylvania State University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania.

Commenting on Mr. Davis’s appointment, Mr. Buckley said, “Having worked closely with Greg for more than a decade, I am confident he will effectively leverage his deep investment expertise and partner with our senior team to help accelerate our business and uphold Vanguard’s passionate focus on our investors. Greg has an outstanding record of delivering for our clients—through fund performance, by championing innovation across our product line-up, and via industry-leading thought leadership. He is a well-respected leader in our industry who is frequently sought out by policy makers and who advocates for regulatory changes to benefit everyday investors.”

Mr. Davis commented, “Understanding client needs has always been critical to Vanguard’s success. I am excited to serve Vanguard in this expanded role, working to ensure that our investment teams are even more proximate to the client voice and that we enhance our efforts within the industry and with policymakers to advance investor interests.”

About Vanguard

Founded in 1975, Vanguard is one of the world’s leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

All figures as of December 31, 2023, unless stated otherwise.

1 For the ten-year period ended December 31, 2023, 281 of 315 Vanguard funds outperformed their peer group averages; for the five-year period, 264 of 360 funds outperformed; and for the three-year period, 266 of 371 funds outperformed; results will vary for other time periods. Only funds with minimum ten-, five-, and three-year histories were included in the comparisons. (Source: Lipper, a Thomson Reuters Company.) Note that this competitive performance data represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at www.vanguard.com/performance.

2 Morningstar’s 2023 Robo Advisor Landscape Report. Vanguard Personal Advisor advises $296 billion as of December 31, 2023. Per Morningstar’s 2023 Robo Advisor Landscape, which assesses Vanguard Personal Advisor Services and Digital Advisor. Vanguard received the first overall ranking in Morningstar’s “Robo-Advisor Landscape Report” for 2023 among 17 other robo-advisors selected by Morningstar. Morningstar evaluated each provider across the following weighted criteria as of December 2022, to determine their rankings: total price (30%); the process used to select investments, construct portfolios, and match portfolios with investors (30%); the parent organization behind the digital platform (20%); and breadth of services (20%). Vanguard also received the same ranking in 2022 in Morningstar’s first annual “Robo-Advisor Landscape Report” based on December 2021 data. Additional details about Morningstar’s methodology are available on its website. Current fees may vary for Vanguard’s advisory services and the other robo-advisors considered. Although Vanguard compensates Morningstar for marketing services, Morningstar’s opinions and evaluations are independent and unrelated to the selection of Vanguard for this ranking. Following the independent announcement of this ranking, Vanguard purchased a license from Morningstar for the right to include this rating in Vanguard marketing. Source: “2023 Robo-Advisor Landscape” by Amy C. Arnott, et al.  ©2023 Morningstar, Inc. All rights reserved.

3 J.D. Power U.S. Self-Directed Investor Satisfaction Study. Vanguard ranked highest in investor satisfaction among DIY investors, based on J.D. Power survey results from October 2022 to January 2023. The study measures self-directed investors’ satisfaction with their investment firm based on performance in seven factors (in order of importance): trust; digital channels; the ability to manage wealth how and when I want; products and services; value for fees; people; and problem resolution. For J.D. Power 2023 award information, visit jdpower.com/awards. Use of study results in promotional materials is subject to a license fee; no compensation was provided for award consideration.

For more information about Vanguard funds or ETF Shares, contact your financial advisor to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. 

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard’s advice services are provided by Vanguard Advisers, Inc. (“VAI”), a registered investment advisor, or by Vanguard National Trust Company (“VNTC”), a federally chartered, limited-purpose trust company.

The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI’s Form CRS and each program’s advisory brochure here for an overview.

VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.

Vanguard Marketing Corporation, Distributor.

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