The board of the Vanguard Group has announced CIO Tim Buckley will become the firm's fourth CEO since it was founded in 1975, as Bill McNabb steps down as chief executive next year.
McNabb, who joined Vanguard in 1986, has been chief executive since 2008 and will remain as chairman of the board. There will be a six-month transition period with Buckley taking over on 1 January 2018. Buckley has worked as chief investment officer at the firm since 2013, a role that involves responsibility for $3.8trn of assets. As part of the move, Buckley has also been appointed president and director of the firm. Vanguard cuts fees on LifeStrategy funds His CIO role will be assumed by Greg Davis who is currently global head of fixed income. Prior to becoming CIO, Buckley...
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