Vanguard picks Tim Buckley to succeed Bill McNabb as CEO; fixed-income head appointed CIO

Tim Buckley, chief investment officer of Vanguard Group, will succeed Bill McNabb as CEO on Jan. 1, 2018, confirmed spokeswoman Emily Farrell.

Vanguard's board also appointed Mr. Buckley president and director.

Under the planned succession, Mr. Buckley will become the firm's fourth CEO since its founding in 1975. Mr. McNabb, who has served as Vanguard's CEO since 2008, will remain as chairman.

"As the firm continues to grow, evolve and expand globally, it is the right time for a new leader, and the board is unanimous in its belief that Tim Buckley is the ideal next chief executive for Vanguard," Mr. McNabb said in a news release announcing the move.

Greg Davis, global head of Vanguard's fixed-income group, will take on the role of CIO. John Hollyer, head of Vanguard's risk management group, will assume Mr. Davis' current position, Ms. Farrell said. Mr. Hollyer's prior role will be assumed by Rodney Comegys, a principal at Vanguard and head of investments, Asia-Pacific, and head of equity investment group, Asia-Pacific.

Vanguard had $4.4 trillion in assets under management as of June 30.

Vanguard has had a good 2017 so far; the asset management giant had net inflows into its mutual funds and exchange-traded funds of $203 billion through June 30.​