Vanguard, the Malvern-based mutual fund giant, announced Thursday afternoon that Bill McNabb, its CEO since 2008, will leave – by the end of 2017 – his post as chief executive of the company with $4.4 trillion in assets under management.

In the nine years that McNabb has served as CEO, Vanguard’s assets under management grew from $1.3 trillion to $4.4 trillion, the second-largest pool behind New York City-based BlackRock’s $5.4 trillion asset base

McNabb, who will retain his role as chairman, said it was time for a new leader as Vanguard expanded globally, saying, “Ten years is a good breaking point (to be handing over).”

The 60-year-old McNabb joined Vanguard in 1986 after a brief stint on Wall Street. He assumed the role of chief executive officer in 2008, and became chairman of the board of directors and the board of trustees in 2010.

McNabb will be replaced by Tim Buckley, 48, who currently serves as the firm’s Chief Investment Officer. Buckley joined Vanguard in 1991 as an assistant to founder John C. Bogle and later headed Vanguard’s information technology division and its retail investor group.

According to a New York Times report, Buckley becomes the company’s fourth CEO since its 1975 founding.

Check out stories in the New York Times and Financial Times for more background on Vanguard’s surprise announcement.

Read Bill McNabb’s 2015 Chester County Leadership profile here.

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