Vanguard's CIO Buckley to become CEO as McNabb steps down in 2018

Vanguard has appointed Tim Buckley to succeed Bill McNabb

Vanguard has appointed Tim Buckley to succeed Bill McNabb

Mr Buckley will become Vanguard's fourth chief executive since its founding in 1975 and the third - discounting founder Jack Bogle - to have been promoted from within.

Vanguard chief executive Bill McNabb is stepping down as chief executive of the fund management giant after nine years at the helm.

Vanguard, based in Malvern, Pa., is one of the world's biggest fund managers, with $4.4 trillion in assets.

He has served as Vanguard's chief investment officer since 2013.

"Tim" Buckley, 48 years old, who is now Vanguard's chief investment officer.

Wells Fargo's profit rises 4.5 percent
In other news, insider Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction on Friday, April 28th. The company has market cap of $278.51 billion. $56.15's average target is 0.99% above currents $55.6 stock price.

He jokes that his friends at the time thought that Vanguard was some sort of airline but Buckley became an assistant to Bogle in 1991, handling jobs such as helping the investment legend research his first book. McNabb, who has been CEO since 2008, will continue to serve as chairman of the board, Vanguard said. He was elected as a principal of the firm in 1998.

"Vanguard's mutual funds and ETFs have gained additional share the last few years as investors have focused increasingly on lower-cost diversified products". McNabb says Buckley brings "a strong passion for serving Vanguard clients and crew", a "global mindset", and "significant leadership experience".

"I love that everyone is following us", Buckley said in a telephone interview. Much of the investor money has come Vanguard's way.

The position of chief investment officer that Buckley is vacating will be filled by Greg Davis, now the global head of Vanguard's fixed income group, the press release said. "I look forward to continuing to work closely with Bill over the next six months as I transition to my new role".

Also, he was formerly the company's Asia Pacific chief investment officer and a director of Vanguard Investments Australia.

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