VALLEY
FORGE, Pa., May 14, 2024
/PRNewswire/ -- Vanguard announced today that its Board of
Directors has appointed Salim Ramji,
a longtime financial services executive, as the Company's new Chief
Executive Officer and a member of the Board, effective July 8, 2024. 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 more
than 25 years of experience in investments, capital markets and
wealth management, including a decade as a senior leader at
BlackRock Inc., leaving in January
2024. Most recently, Mr. Ramji was Global Head of iShares
& Index Investing, where he was responsible for managing a
majority of the firm's client assets and evolving the iShares
platform to provide an even broader set of innovative low-cost
products for investors globally. His contributions led to expanded
investment access for tens of millions of investors, a more central
role for ETFs in retirement and wealth portfolios and a more
efficient bond market with ETFs as an enabling technology. At
BlackRock, he led the implementation of a voting choice platform,
which democratizes client access to the proxy voting process.
Prior to leading iShares, Mr. Ramji was the Head of U.S. Wealth
Advisory and began his BlackRock career as the Global Head of
Corporate Strategy. Before joining BlackRock, Mr. Ramji was a
Senior Partner at McKinsey & Company in charge of the firm's
Asset & Wealth Management Practice. He started his career as a
lawyer at Clifford Chance in London and Hong
Kong.
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 tens of millions of our investor-owners plan for their
future and families. We have significant opportunities for growth
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 who is 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."
On his appointment, Mr. Ramji commented, "It's an honor to join
Vanguard, an institution I have long admired and respected. I am
drawn to Vanguard because of the firm's clarity and consistency of
purpose and am very excited to get to work and partner with the
outstanding leadership team to lead the company into the future.
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. 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."
Tim Buckley, said, "I have worked
with Salim on the Executive Committee of the Investment Company
Institute. He cares about advancing the interests of individual
investors, has a strong fiduciary ethos, and thinks strategically
about solutions. Salim understands our organization's deep sense of
purpose and commitment to put clients first, which is a hallmark of
Vanguard's leadership team and culture."
Together with Mr. Ramji's appointment, Vanguard also announced
that Greg Davis, President and Chief
Investment Officer, will be appointed to Vanguard's Board of
Directors and have expanded responsibility for regulatory and
government affairs.
"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 together with Salim as we continue innovating and improving
our capabilities while remaining focused on lowering the cost and
complexity of investing for our tens of millions of investors
worldwide."
Upon the effective date of Mr. Ramji's appointment as CEO, Mr.
Buckley will step down as Chairman and CEO. Mark Loughridge, Vanguard's Lead Independent
Director, will be appointed nonexecutive Chairman.
In addition, John Murphy,
President and Chief Financial Officer of The Coca-Cola Company,
will be appointed to the Board of Directors of Vanguard effective
June 1, 2024. He brings 40 years of
business, financial, and operational leadership experience to
Vanguard's Board, with more than 35 years at The Coca-Cola Company,
one of the world's most iconic organizations. He has served as the
company's CFO since 2019, became president in 2022, and has held a
variety of positions during his career, including overseeing global
finance operations and business operations in Asia Pacific and parts of Latin America.
Commenting on Vanguard's Board appointments, Mr. Loughridge
continued, "John and Greg will be strong additions to the Board,
and we on the Board look forward to working with them
to serve the best interests of investors and
maintain Vanguard's culture of stewardship."
About Salim Ramji
Prior to joining Vanguard, Mr. Ramji was most recently a member
of BlackRock's Global Executive Committee and the firm's Global
Head of iShares and Index Investments, where he was responsible for
two-thirds of the firm's assets and growth. Prior to that, he was
Head of BlackRock's U.S. Wealth Advisory business where he was
responsible for leading the firm's relationships with wealth
management firms, uniting the iShares and active teams around the
mission of building better portfolios and applying new portfolio
technologies to reach tens of thousands of advisors. Mr. Ramji
joined BlackRock in 2014, serving initially as the Global Head of
Corporate Strategy.
Before joining BlackRock, he was a Senior Partner at McKinsey
& Company where he led the Asset & Wealth Management
practice areas. He started his career as a lawyer with Clifford
Chance in London and Hong Kong.
Mr. Ramji earned a bachelor's degree in economics and politics
from University of Toronto, an MA
degree in law from Cambridge
University, and is a CFA charterholder. He is a trustee of
Graham Windham, a New York-based child-care agency, and on the
International Leadership Council for the University of Toronto.
About Vanguard
Founded in 1975, Vanguard is one of the world's leading
investment management companies. The firm offers investments,
advice, and retirement services to tens of millions of individual
investors around the globe—directly, through workplace plans, and
through financial intermediaries. Vanguard operates under a unique,
investor-owned structure where Vanguard fund shareholders own the
funds, which in turn own Vanguard. As such, Vanguard adheres to a
simple purpose: To take a stand for all investors, to treat them
fairly, and to give them the best chance for investment success.
For more information, visit vanguard.com.
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SOURCE Vanguard