Vanguard Group on May 14 announced that former BlackRock executive Salim Ramji has been appointed as its new CEO and board member; Mr. Ramji succeeds Tim Buckley, who, as previously announced, will retire and step down as Chairman and CEO.
Mr. Ramji is a senior financial services executive with a remarkable track record. With over 25 years of experience in investments, capital markets, and wealth management, including a decade as a senior leader at BlackRock Inc., Mr. Ramji has been instrumental in expanding investment access for tens of millions of investors. His leadership has also played a key role in elevating the importance of ETFs in retirement and wealth portfolios, and in making the bond market more efficient through the use of ETFs as an enabling technology.
Ramji joined Blackrock as global head of corporate strategy in 2014, leaving his position of Senior Partner at McKinsey & Company in January. At BlackRock, he led the implementation of a voting choice platform, which democratizes client access to the proxy voting process.
Ramji will replace Tim Buckley, whose departure as the chairman and CEO was announced in February.
The current investor landscape is changing, which presents opportunities for Vanguard to further its mission of giving people the best chance for investment success. This mission is more relevant today than at any time in the firm’s five-decade history.
My focus will be to mobilize Vanguard to meet the moment while staying true to that core purpose, remaining the trusted firm that takes a stand for all investors.” “The current investor landscape is changing, and that presents opportunities for Vanguard to further its mission of giving people the best chance for investment success, which is more relevant today than at any time in the firm’s five-decade history,” Ramji said in the statement, as per Bloomberg.
Mark Loughridge, Lead Independent Director, said, “The Board welcomes Salim to the leadership team and looks forward to working closely with him as we strengthen and expand our mission and purpose, driven by serving the interests of individual investors.
Vanguard’s distinctive structure and culture have helped millions of our investor-owners plan for their future and families. We have significant growth opportunities ahead, including how technology and the client experience can drive solutions and extend the benefits of wealth management to more investors.
Salim is an exceptional leader aligned with Vanguard’s mission-driven culture, making him the ideal candidate. Vanguard has an important future, and we believe he is the best person for the job.”
“Salim is a highly accomplished leader in the world of index investing, but importantly, also someone who shares Vanguard’s passion for serving clients,” said Mr. Davis. “I look forward to working with Salim as we continue innovating and improving our capabilities while remaining focused on lowering the cost and complexity of investing for tens of millions of investors worldwide.
“The Pennsylvania-headquartered Vanguard is the world’s second-largest asset manager by assets after BlackRock. According to its website, Vanguard manages 423 funds worldwide and employs about 20,000 employees.
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