Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
With Buckley stepping down, it remains to be seen if his successor will continue in his footsteps or open the doors for innovation.
Vanguard’s chief executive Officer Tim Buckley is set to retire by the end of 2024 after a successful tenure spanning over three decades.
According to an official announcement, the company’s board of directors is currently conducting a thorough process to select a new CEO to replace Buckley. The firm is considering candidates from both within and outside the organization, looking for a befitting candidate for the role.
Achievements and Contributions
In a statement regarding his retirement, Buckley expressed gratitude for his time at Vanguard, highlighting his milestone achievement of reaching over 50 million investors globally in just seven years as CEO.
“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,” he said.
During his tenure, Buckley played pivotal roles in various leadership positions, including heading Vanguard’s Information Technology Division and leading the Personal Investor division through significant growth.
He became CEO in 2018 and was appointed Chairman in 2019. Under his leadership, Vanguard experienced significant growth, expanding its client base and assets under management to $9 trillion.
Buckley also helped the firm establish a strong presence in key international markets such as the United Kingdom, Europe, Australia, Canada, and Latin America. Additionally, he led the firm through the global COVID-19 pandemic, maintaining business momentum and enhancing client satisfaction.
Vanguard’s CEO Refused to Accept Bitcoin ETFs
Despite his numerous achievements, Buckley did not embrace certain innovations, including investment vehicles designed to track the price of digital assets such as Bitcoin (BTC).
Vanguard was not among the asset management firms in the United States that submitted applications to offer Bitcoin spot ETFs.
The company even blocked its users from accessing the funds when it received approval from the country’s financial regulators. Vanguard cited misalignment with its traditional offerings as the reason for the restriction.
The asset manager said it considers cryptocurrencies as “an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio”.
However, with Buckley stepping down, it remains to be seen if his successor will continue in his footsteps or open the doors for innovation.
Vanguard Appoints New President
The soon-to-be-retired CEO will be working with the board to choose a befitting successor.
In addition to Buckley’s retirement, Vanguard has appointed its chief investment officer Greg Davis to take up the role of the president effective immediately. Davis now serves the company as both CIO and president.
As the president, he will oversee all aspects of the firm’s investment management, retirement business, and services for financial advisor clients. Davis will also advocate for policies to benefit capital markets and ensure broader access to secure financial futures for investors.
The 24-year Vanguard veteran, has been instrumental in managing global assets totaling $8 trillion. He is also known for his industry leadership and advocacy for investor interests.
Commenting on Davis’s appointment, Buckley said he is confident in Davis’s ability to leverage his investment expertise and work with the senior team to accelerate Vanguard’s business.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.