Investment behemoth Vanguard said late Thursday that Chief Executive Tim Buckley will retire at the end of the year, and that its board has started a “comprehensive” selection process to evaluate both internal and external candidates.

Buckley was named CEO in 2018 and has been at Vanguard for 33 years, having joined as a research assistant to Vanguard’s founder John Bogle.

“I have been passionate about developing the next generation of leaders, and I look forward to those leaders elevating Vanguard to new heights,” Buckley said.

During Buckley’s tenure, Vanguard expanded its client base by tens of millions to more than 50 million worldwide, and grew its assets under management by more than 80% to $9 trillion, the company said.

The company also announced that Chief Investment Officer Greg Davis has been appointed to the additional role of president, effective immediately.

In that expanded role, Davis will be responsible for “all aspects of the firm’s investment management, retirement business and services for financial advisor clients, overseeing the majority of Vanguard’s fund and ETF distribution,” Vanguard said.

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