US-based Vanguard onboards Salim Ramji as its new CEO

US-based investment banking company Vanguard announced recently 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.

Ramji succeeds Tim Buckley, who, as previously announced, will retire and step down as Chairman and CEO, the firm said in a release.

Who is Salim Ramji?

Ramji is a senior financial services executive with over 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, Ramji was the Global Head of iShares & Index Investing, where he managed most of the firm’s client assets and evolved 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 that democratized client access to the proxy voting process.

Prior to leading iShares, 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 and wealth Management Practice. He started his career as a lawyer at Clifford Chance in London and Hong Kong.

Leadership comments

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," Loughridge said.

“It’s an honour 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," Ramji said.

Appointing Greg Davis

Along with Ramji’s appointment, Vanguard also announced that Greg Davis, President and Chief Investment Officer, will be appointed to the Company’s Board of Directors and will 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 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 Ramji’s appointment as CEO, Mr. Buckley will step down as Chairman and CEO. Mark Loughridge, Vanguard’s Lead Independent Director, will be appointed non-executive Chairman.

Appointing John Murphy to the Board of Directors of Vanguard

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.