Vanguard, one of the world’s major investment management companies, has made a significant announcement today with the appointment of Salim Ramji as its new Chief Executive Officer (CEO) and member of the Board, effective 8 July, 2024. This decision follows the retirement announcement of Mortimer Joseph “Tim” Buckley, the current Chairman and CEO.
Ramji’s Background
Ramji brings with him vast experience of over 25 years in the financial services industry, particularly in investments, capital markets and wealth management. Notably, he spent a decade as a senior leader at BlackRock Inc., leaving in January, 2024. Most recently, Ramji served as the Global Head of iShares & Index Investing at BlackRock, where he managed a majority of the firm’s client assets and played an important role in expanding investment access for millions of investors worldwide.
Vanguard’s Board’s Enthusiasm
In a statement, Mark Loughridge, Lead Independent Director at Vanguard, expressed the Board’s enthusiasm about Ramji’s appointment, highlighting his alignment with Vanguard’s “mission-driven culture” and his leadership qualities. Loughridge emphasized the growth opportunities ahead for Vanguard, particularly in utilizing technology and improving the client experience.
Tim Buckley, the outgoing CEO, hailed Ramji’s capabilities, citing his experience and strategic mindset. Buckley emphasized Ramji’s understanding of putting clients first, which aligns with the firm’s core values.
Ramji’s Perspective
Ramji also shared his thoughts on the appointment, expressing his honour to join Vanguard, an institution he has “long admired and respected.” He emphasized Vanguard’s consistency of purpose and expressed his excitement to lead the company into the future, particularly amidst a changing investor landscape.
Other Changes
In addition to Ramji’s appointment, Vanguard announced that Greg Davis, President and Chief Investment Officer, will be appointed to Vanguard’s Board of Directors and will have expanded responsibility for regulatory and government affairs.
Vanguard announced that upon Ramji’s effective date as CEO, Buckley will step down as Chairman and CEO. Mark Loughridge will be appointed non-executive Chairman. Additionally, John Murphy, President and Chief Financial Officer of The Coca-Cola Company, will be appointed to the Board of Directors of Vanguard effective 1 June, 2024.
