The first outsider to lead the $9tn money manager will take up his role in July
Vanguard has chosen Salim Ramji, a former senior executive at BlackRock, to be its fifth chief executive, making him the first outsider to head the $9tn money manager. Ramji will replace Tim Buckley, who said in March that he planned to retire after six years as CEO of Vanguard, which pioneered passive investing under its late founder John Bogle. The Pennsylvania-based firm is the world’s second-largest money manager behind BlackRock.
BlackRock congratulated Ramji on his appointment in a statement on Tuesday, saying it was “proud to have a track record of our firm’s alumni going on to lead multiple investment management companies and financial institutions.” Mark Loughridge, Vanguard’s lead independent director, described Ramji as an “exceptional leader” who would help the firm, which is owned by its investors, explore growth opportunities in wealth management and the greater use of technology.
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