Salim Ramji: Vanguard Group Appoints BlackRock Executive as Next CEO

In a significant move within the financial sector, Vanguard Group Inc. has named Salim Ramji, a seasoned executive from BlackRock Inc., as its next Chief Executive Officer. Ramji, who has spent nearly a decade at BlackRock, the world’s largest asset manager, will succeed Tim Buckley, becoming the first outsider to lead Vanguard, a firm renowned for its pioneering role in index fund investing.

Ramji is set to join Vanguard in July, as confirmed by an emailed statement on Tuesday. With an extensive background in overseeing exchange-traded funds (ETFs) and index investing at BlackRock, Ramji is poised to steer Vanguard into its next chapter. Vanguard, founded nearly 50 years ago by the late Jack Bogle, managed approximately $9.3 trillion in assets as of March.

“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,” Ramji expressed in the statement. “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.”

Earlier this year, Vanguard announced that Buckley would retire by the end of 2024, prompting the board to search for his successor. Buckley, a three-decade veteran of Vanguard, has led the firm since 2018.

Ramji’s tenure at BlackRock was marked by his role as Global Head of iShares and Index Investments, where he was instrumental in the significant expansion of BlackRock’s ETF business, which now manages about $3.7 trillion. His potential as a successor to BlackRock CEO Larry Fink was widely recognized before his departure in January.

Ed Sweeney, a spokesperson for BlackRock, commented on Ramji’s new role, saying, “We congratulate Salim on this accomplishment and thank him for his leadership at our firm. BlackRock is proud to have a track record of our firm’s alumni going on to lead multiple investment management companies and financial institutions.”