The board of US investment firm Vanguard has elected chief investment officer Tim Buckley as president and director, along with plans for him to succeed Bill McNabb as chief executive on 1 January 2018.
Mr McNabb, aged 60, has been the global chief executive of Vanguard since 2008 and will remain chairman of the company's board.
Mr McNabb accepted the board's decision, saying "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 Buckley has been a member of Vanguard's senior leadership team since 2001 and has served as chief investment officer since 2013.
He will be the fourth global chief executive of Vanguard since its founding in 1975.
Mr Buckley will be succeeded as chief investment officer by Greg Davis, who currently leads Vanguard's fixed income group.
"We are fortunate to have Greg at the helm of our global investment teams and as a new member of our senior leadership team," said Mr McNabb.
"His experience as a portfolio manager and as a leader of investment management teams, long-term orientation, and exceptional judgment make him an excellent steward of our clients’ assets."
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