Vanguard chairman Bill McNabb is stepping down from his role at the end of the year.
The $5.3 trillion passive funds giant has announced that chief executive officer Tim Buckley will take over as chairman from January onwards.
McNabb relinquishes his senior role after 32 years at the group. He joined Vanguard in 1986 and was named CEO in 2008 and chairman in 2009.
Buckley took on the role of CEO at the beginning of the year after serving as CIO from 2013. Prior to that, he was head of Vanguard’s retail investor group and chief information officer. He first joined the firm in 1991 as assistant to the then-CEO John Bogle.
Speaking about the new appointment, McNabb said: ‘Tim has been a strong, focused leader at Vanguard during times of tremendous company growth, as well as periods of significant market uncertainty.’