Vanguard CEO F William McNabb to step down

Vanguard Group CEO F William McNabb will step down at the end of the year and cede his role to Tim Buckley, a two-decade veteran of the world’s second-largest money manager who serves as investment chief.

McNabb, 60, who became CEO in 2008, will remain chairman, the company said on Thursday in a statement. Buckley, 48, will become president immediately and take the CEO role on January 1.

Greg Davis, 46, Vanguard’s global head of fixed income, replaces Buckley as chief investment officer. “I have been thinking about this transition for a year,” McNabb said in a telephone interview.

“Almost 10 years in this job is a long time and Tim is so well prepared to take over.”

Under McNabb, Vanguard more than tripled in size as investors embraced the low-cost index funds for which it is best known.