Vanguard CEO F. William McNabb to step down

Tim Boyle | Bloomberg | Getty Images

Bill McNabb, chairman, president and CEO of Vanguard Group

Vanguard Group will get its fourth chief executive since it was founded four decades ago.

Current chairman and chief executive William McNabb will step down as CEO in January and be succeeded by long-time company insider Mortimer J. Buckley.

Buckley, 48, who goes by the name Tim, was named president and director as part of the succession plan, the company announced Thursday. He has been the fund firm’s chief investment officer. McNabb, 60, will continue to remain at the comapny as chairman.

Greg Davis, 46, who is global head of fixed income, was named chief investment officer.

This story is developing. Please check back for further updates.

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