Vanguard Group Inc. has announced the appointment of seasoned BlackRock Inc. executive Salim Ramji as its new CEO, with effect from July 8, 2024. Ramji will join the board of directors as well.
With this calculated move, Vanguard will undergo a major change in leadership as Ramji becomes the first outsider to head the company since the late Jack Bogle founded it almost 50 years ago.
He takes over for Tim Buckley, who earlier this year declared his retirement following a revolutionary tenure that saw Vanguard's assets under management increase to USD 9 trillion.
About Salim Ramji
Ramji, who was appointed to succeed retiring CEO Tim Buckley on Tuesday, comes to Vanguard several months after departing from BlackRock, where he oversaw strategy, wealth management and, most recently, spearheaded the company's iShares ETF and index division.
Ramji began his legal career at the UK "magic circle" firm Clifford Chance. He later joined McKinsey as a consultant and worked his way up to senior partner, where he oversaw the company's asset and wealth management division.
"It's an honor to join Vanguard, an institution I have long admired and respected," Ramji said. I am drawn to Vanguard because of its distinct and unwavering mission, and I can't wait to collaborate with the exceptional leadership team to steer the business into the future. Vanguard has opportunities to further its mission of providing people with the best chance for investment success because the current investor landscape is changing.
This mission is more relevant now than it has ever been in the company's five-decade history. My main goal is to lead Vanguard to meet the needs of the current situation while adhering to its fundamental goal of being a reliable company that stands up for all investors. Ramji added.
As of the end of March 2024, Vanguard, which was founded by the late Jack Bogle almost 50 years ago, was managing about $9.3 trillion, according to reports.
Vanguard is directly rivaled by BlackRock, which oversees $10.5 trillion in assets in the quickly growing ETF industry. Together with State Street Global Advisors, they make up the "Big Three" in the US and are the top two fund managers.
