Vanguard CEO F. William McNabb will step down at the end of the year and cede his role to Tim Buckley, a two-decade firm veteran, who serves as investment chief.

McNabb, 60, who became CEO in 2008, will remain chairman, the company said Thursday in a statement. Buckley, 48, will become president immediately and take the CEO role on Jan. 1. Greg Davis, 46, Vanguard’s global head of fixed income, replaces Buckley as chief investment officer.

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