Vanguard CEO Tim Buckley will succeed Bill McNabb as Chairman of the $5.3 trillion investment management firm, effective Jan. 1.

He becomes the fourth chairman in the firm’s 43-year history.

Mr. Buckley assumed the CEO position in January 2018, after serving in a number of senior management roles, including as the firm’s Chief Investment Officer from 2013 to 2017, head of Vanguard’s Retail Investor Group from 2006 to 2012, and Chief Information Officer from 2001 to 2006. Elected as a principal in 1998, Buckley joined Vanguard in 1991 as assistant to then-CEO John C. Bogle.

Buckley earned an A.B. in economics from Harvard in 1991, and an M.B.A. from Harvard Business School in 1996.

He served as chairman of the board of Children’s Hospital of Philadelphia from 2011 to 2017.

“Tim has been a strong, focused leader at Vanguard during times of tremendous company growth, as well as periods of significant market uncertainty,” said McNabb. “The Board of Directors and I have tremendous confidence in his ability to lead Vanguard through this next chapter for the firm.”

McNabb joined Vanguard in June 1986. He was named CEO in August 2008 and was elected Chairman in December 2009. Long active in the investment management industry, McNabb served as Chairman and Vice-Chairman of the Investment Company Institute, and was previously a member of its board of governors.

“Bill’s legacy is keeping our clients at the center of everything that we do and supporting the development of our crew,” said Buckley. “Vanguard delivered unrivaled value under his leadership. He leaves our firm deep in talent and ready to give our clients the best chance of investment success.”

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