Vanguard has announced 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 named Chief Investment Officer Greg Davis to the additional role of President of the firm, effective immediately.

On his decision to retire as CEO, 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, 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. 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 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 percent 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. 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.

In his expanded role as both President and CIO, 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.

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, he 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.

Before being named CIO, 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 Pennsylvania State University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania.

Commenting on Davis’s appointment, 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 policymakers and who advocates for regulatory changes to benefit everyday investors.”

Davis said, “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.”

Learn more about Tim Buckley at Vanguard.

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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 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.