Bill McNabb, the former chief executive of Vanguard, the low-cost US asset manager, is to step down as chair at the end of the year. Current chief executive Tim Buckley will take over.
Buckley, who replaced McNabb at the helm of the $5.3tn fund management behemoth in January 2018, will become combined chair and chief executive from January. He will become only the fourth person to chair the board at Vanguard, which was founded in 1975 by veteran investor Jack Bogle.
