Vanguard Group Inc. has revealed the selection of Salim Ramji, a seasoned executive from BlackRock Inc., as its new CEO, effective July 8, 2024. Ramji will also assume a position on the board of directors.
This strategic decision marks a significant leadership transition for Vanguard, with Ramji being the first outsider to lead the company since its inception nearly 50 years ago by Jack Bogle. Ramji succeeds Tim Buckley, who announced his retirement earlier this year after overseeing a transformative period that propelled Vanguard’s assets under management to USD 9 trillion.
Exploring Ramji’s Professional Journey
Ramji, selected to replace outgoing CEO Tim Buckley on Tuesday, joins Vanguard after leaving BlackRock a few months ago. At BlackRock, he held roles in strategy, wealth management, and notably led the iShares ETF and index division.
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Ramji commenced his legal profession at the prestigious UK “magic circle” firm Clifford Chance before transitioning to McKinsey as a consultant. He steadily progressed to the role of senior partner, where he supervised the company’s asset and wealth management division.
“It’s an honor to join Vanguard, an institution I have long admired and respected,” Ramji said
“I am drawn to Vanguard because of its distinct and unwavering mission, and I can’t wait to collaborate with the exceptional leadership team to steer the business into the future. Vanguard has opportunities to further its mission of providing people with the best chance for investment success because the current investor landscape is changing.
This mission is more relevant now than it has ever been in the company’s five-decade history. My main goal is to lead Vanguard to meet the needs of the current situation while adhering to its fundamental goal of being a reliable company that stands up for all investors.” Ramji added.
Salim Ramji’s appointment as CEO marks a significant milestone for Vanguard, ushering in a new chapter under his leadership. With extensive experience from BlackRock and McKinsey, Ramji brings a wealth of knowledge to navigate Vanguard through evolving market dynamics. As Vanguard continues its commitment to investors, Ramji’s stewardship is poised to uphold the company’s legacy while driving strategic growth initiatives.
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