Our executive team and board of directors ensure that Vanguard is operated solely in the best interests of its investor-owners.1 They are jointly responsible for stewarding the assets entrusted to Vanguard by more than 50 million clients.2
Vanguard’s senior management team is responsible for executing the long-term strategy of the firm, overseeing its day-to-day operations, and managing its crew. The team is led by CEO Salim Ramji and includes experienced senior executives who are elected by the board of directors.
Vanguard’s CEO and executive team also serve as our Diversity, Equity, and Inclusion (DEI) Executive Council. In this capacity, the team drives our DEI vision, goals, and accountability across Vanguard and tracks our progress.
Salim Ramji is chief executive officer of Vanguard and a member of the board of directors. Prior to joining Vanguard in July 2024, Salim served in a variety of leadership roles over the past 25 years spanning investments, capital markets, and wealth management. Most recently, he was the global head of iShares and index investments at BlackRock and a member of the global executive committee. Previously, he was a senior partner at McKinsey & Company, where he led the asset & wealth management practice areas. Salim started his career as a lawyer with Clifford Chance in London and Hong Kong. He is a trustee of Graham Windham, a New York-based child-welfare organization, and serves on the international leadership council for the University of Toronto. Salim holds a bachelor’s degree in economics and politics from the University of Toronto and an M.A. degree in law from Cambridge University and is a CFA charterholder.
Gregory Davis is Vanguard's president and chief investment officer, and a member of the board of directors. He is 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. Previously, Greg was principal and global head of Vanguard Fixed Income Group, responsible for its portfolio management, strategy, credit research, trading, and planning functions. He also served as the company's Asia-Pacific chief investment officer and a director of Vanguard Investments Australia. Greg serves as a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury, as a member of the Investor Advisory Committee on Financial Markets for the Federal Reserve Bank of New York, and serves on the board of the Children's Hospital of Philadelphia. He earned a B.S. in insurance from Pennsylvania State University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania. He is a CFA charterholder and a member of the CFA Society of Philadelphia.
Matt Benchener is managing director of Vanguard Personal Investor, which directly serves millions of individual investors and small businesses representing more than $2 trillion in assets.3 Previously, Matt led Personal Investor Client Services and Operations. He joined Vanguard in 2008 and has held several leadership positions, including chief marketing officer for Personal Investor, as well as senior roles in the firm's Institutional Investor and Corporate Strategy groups. Matt earned a B.A. from Johns Hopkins University and an M.B.A. from The Wharton School at the University of Pennsylvania. Matt is a member of the board of directors of SIFMA, a leading trade association for broker-dealers, investment banks and asset managers operating in the U.S.
Amma Boateng is managing director of Vanguard’s Financial Advisor Services division, which provides investments, services, education, and research to more than 1,000 financial advisory firms representing nearly $3 trillion in assets.4 Amma joined Vanguard in 2004. Before her current role, she headed the channel in Financial Advisor Services that serves wirehouse, independent, and regional broker-dealers. She has also worked in the company’s Investment Management Group, its Corporate Strategy department, and its Finance and Personal Investor divisions. Amma earned an A.B. in English and economics from Dartmouth College and an M.B.A. from the Stanford Graduate School of Business.
Joseph Brennan is managing director and Vanguard's global chief risk officer. He is responsible for overseeing global risk and security functions, which include enterprise risk management, investment risk management, and cyber security and fraud protection. Previously, Joe served as head of Vanguard Equity Index Group, chief investment officer of the Asia Pacific region, a director of Vanguard Investments Australia, and head of Vanguard Portfolio Review Department. Joe earned a B.A. in economics from Fairfield University and an M.S. in finance from Drexel University. He is also a graduate of Harvard Business School's Advanced Management Program. He is a CFA charterholder and a member of the CFA Society of Philadelphia.
John James is managing director of Vanguard's Institutional Investor Group, which serves the investment needs of employers offering company-sponsored retirement plans as well as organizations such as endowments and foundations. Previously, he was chief human resources officer and managing director of Vanguard's Human Resources division, which is responsible for talent, leadership, and culture. Before that, he was based in London as the managing director of Vanguard's U.K. and European operations. John joined Vanguard in 2008 and has held leadership roles in the company's Financial Advisor Services division and overseen its Australian operations in Melbourne. John earned an M.B.A. from the University of Adelaide and holds certificates from both the Wharton Advanced Management Program at the University of Pennsylvania and the Advanced Human Resource Executive Program at the University of Michigan.
Chris McIsaac is managing director of Vanguard's International division, which provides investments to institutions, financial advisors, and individual clients in more than 80 countries around the world. He joined Vanguard in 1997. Most recently, Chris was head of Vanguard's Planning and Development Group, now known as Strategy, Product, Marketing, Communications Group; before that, he was head of the Institutional Investor Group. Chris holds a B.S. from Saint Joseph's University and an M.B.A. from Harvard Business School. He is also a member of the Franklin Institute board of trustees.
Karin Risi is managing director of Vanguard’s Strategy, Product, Marketing and Communications division. She is responsible for guiding Vanguard’s business development and enterprise strategic direction, developing and overseeing a global investment product lineup serving the firm’s 50 million investors, and strengthening Vanguard's brand and reputation. Since joining Vanguard in 1997, Karin has held leadership positions spanning the firm's corporate, institutional, and individual investor divisions. Before assuming her current role, she was managing director of Vanguard's Personal Investor division responsible for the business strategy, client experience, and brokerage and wealth management services for Vanguard's 9 million individual investor clients.5 Karin serves on the Investment Committee of the Barnes Foundation and the Corporate Council for the Children's Hospital of Philadelphia. Karin holds both a B.B.A. in finance and an M.B.A. from Villanova University.
Tonya T. Robinson is general counsel of Vanguard and secretary of the Vanguard funds. She is managing director of the Office of the General Counsel, where she leads the firm’s Global Public Policy, Legal, Compliance, and Investment Stewardship departments. Prior to joining Vanguard in 2024, Tonya was the vice chair and general counsel for legal, regulatory, and compliance at KPMG LLP. She previously served in the White House as special assistant to the president for justice and regulatory policy and as acting general counsel at the U.S. Department of Housing and Urban Development. Prior to her work in government, Tonya was a partner at the international law firm WilmerHale LLP and held other senior roles in the public and private sectors. Tonya serves on the boards of directors for the National Women’s Law Center and Ethics Research Center as well as the board of visitors for the Duke University Sanford School of Public Policy. Tonya holds a B.A. in public policy studies from Duke University and a J.D. from Harvard Law School.
Michael Rollings is chief financial officer and managing director of Vanguard's Finance division, which is responsible for corporate financial services, fund financial services, internal audit, and real estate and facilities management. Mike joined Vanguard in June 2016 and was previously executive vice president and CFO of MassMutual Financial Group. Before that he led MassMutual's Capital Markets division. Mike holds a B.S. in business administration from Georgetown University and a postgraduate degree from the Kellogg School of Management at Northwestern University.
Nitin Tandon is chief information officer and managing director of Vanguard’s Information Technology division, overseeing all aspects of the company’s use of technology to serve clients and manage investments. Nitin previously led Vanguard’s Retail and Corporate Systems within the Information Technology division. He joined Vanguard in 2019 to lead the Chief Technology Office and previously served as a consultant and partner for Deloitte Consulting, leading their Financial Services Cloud practice. Nitin holds a bachelor’s degree from the Indian Institute of Technology in Kanpur, India.
Lauren Valente is managing director and Vanguard’s global chief human resources officer. She is responsible for overseeing all aspects of human resources, including talent, leadership, and culture, across the firm. In her previous role, Lauren was a principal in the defined contribution retirement plan business in Vanguard's Institutional Investor Group, where she led Participant Services and Operations. Since joining Vanguard in 2003, she has held various roles in the organization's Institutional, Information Technology, and Retail divisions. Before joining Vanguard, Lauren earned a B.S. in information systems from Saint Joseph's University. She earned an M.B.A. from Villanova University.
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Vanguard’s board includes 14 directors; 12 are independent directors with no affiliation with Vanguard or the Vanguard funds apart from any investments they may choose to make as individuals. The board is responsible for setting broad policies for the company; monitoring the company’s financials, operations, compliance, risk management; and electing officers.6 Mark Loughridge serves as the lead independent director and chairman of the board.
Vanguard recognizes the importance of diversity in the composition of corporate boards. We believe that diversity of thought and perspective, complemented by a broad range of experience, skills, and personal attributes, positions the board to serve our clients effectively. As shown below, Vanguard's board is diverse, based on a number of criteria beyond those illustrated here.
Note: Data are as of July 8, 2024.
Source: Vanguard.
Salim Ramji is chief executive officer of Vanguard and a member of the board of directors. Prior to joining Vanguard in July 2024, Salim served in a variety of leadership roles over the past 25 years spanning investments, capital markets, and wealth management. Most recently, he was the global head of iShares and index investments at BlackRock and a member of the global executive committee. Previously, he was a senior partner at McKinsey & Company, where he led the asset & wealth management practice areas. Salim started his career as a lawyer with Clifford Chance in London and Hong Kong. He is a trustee of Graham Windham, a New York-based child-welfare organization, and serves on the international leadership council for the University of Toronto. Salim holds a bachelor’s degree in economics and politics from the University of Toronto and an M.A. degree in law from Cambridge University and is a CFA charterholder.
Mark Loughridge is the board's lead independent director and chairman. His responsibilities include serving as a principal point of contact for the independent directors, who appoint the chairman of the board. In addition, he coordinates the activities of the independent directors, including calling their regular executive sessions. He works to develop the agenda of board meetings and chairs the meetings of the independent directors, including meetings of the audit, compensation, independent governance, and nominating committees. Mr. Loughridge is the retired senior vice president and chief financial officer of IBM. He also served as a fiduciary member of IBM's Retirement Plan Committee. He is a member of the Council on Chicago Booth. Mr. Loughridge joined Vanguard's board of directors in 2012 and was appointed chairman in 2024.
Tara Bunch is head of global operations at Airbnb where she oversees community support, trust and safety, and payments for Hosts and guests in 220 countries and regions. She is the former vice president of AppleCare at Apple and previously served as a senior vice president at Hewlett Packard. She has served on the boards of Out & Equal, the University of California, Berkeley School of Engineering and Santa Clara University's Leavy School of Business. Ms. Bunch became a Vanguard director in 2021.
Emerson Fullwood is executive in residence at the Rochester Institute of Technology, where he was the 2009–2010 Distinguished Minett Professor. He retired in 2008 from Xerox Corporation, where he was the executive chief of staff and marketing officer for North America and corporate vice president. Mr. Fullwood serves as a director of North Carolina A&T University, the Monroe Community College Foundation, United Way of Rochester, the University of Rochester Medical Center, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra; and as trustee of the University of Rochester. He joined Vanguard's board in 2008.
Gregory Davis is Vanguard's president and chief investment officer, and a member of the board of directors. He is 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. Previously, Greg was principal and global head of Vanguard Fixed Income Group, responsible for its portfolio management, strategy, credit research, trading, and planning functions. He also served as the company's Asia-Pacific chief investment officer and a director of Vanguard Investments Australia. Greg serves as a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury, as a member of the Investor Advisory Committee on Financial Markets for the Federal Reserve Bank of New York, and serves on the board of the Children's Hospital of Philadelphia. He earned a B.S. in insurance from Pennsylvania State University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania. He is a CFA charterholder and a member of the CFA Society of Philadelphia.
Joseph Loughrey is the retired president and chief operating officer of Cummins Inc. and retired chairman of the board of Hillenbrand, Inc. He serves chair of the board of trustees of Saint Anselm College. Mr. Loughrey is a member of the advisory council for the College of Arts and Letters and the chairman of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame. He has been a Vanguard director since 2009.
Scott Malpass is the co-founder and managing partner at Grafton Street Partners. He serves as a member of the board of Catholic Investment Services, Inc., and as a member of the board of superintendence of the Institute for the Works of Religion in Vatican City. In June 2020, he retired as chief investment officer and vice president of the University of Notre Dame, where he also served as an assistant professor of finance at the university's Mendoza College of Business; he remains a member of the Notre Dame 403(b) Investment Committee. Mr. Malpass joined the Vanguard board in 2012.
John Murphy is president and chief financial officer of The Coca-Cola Company (TCCC). Since joining the company in 1988, Mr. Murphy has held a variety of management, finance, and strategic planning roles across the globe. He also serves on the boards of Mexico-based Coca-Cola FEMSA, the world's largest bottler by sales volume; The Coca-Cola Foundation, TCCC's primary philanthropic arm; and Engage, a collaborative innovation and corporate venture platform that supports startups. Mr. Murphy is also on the board of trustees of the Woodruff Arts Center. He joined Vanguard’s board in 2024.
Lubos Pastor is Charles P. McQuaid Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. He also serves as vice president of the European Finance Association, a research associate at the National Bureau of Economic Research, and a research fellow at the Centre for Economic Policy Research. In addition, he is a board member of the Fama-Miller Center for Research in Finance and a member of the Academic Advisory Board of the Center for Research in Security Prices (CRSP) and of the CRSP Index Advisory Council. Professor Pastor has served as director of the American Finance Association, president of the Western Finance Association, director of CRSP, board member of the National Bank of Slovakia, and associate editor of the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies. He joined Vanguard's board in 2024.
André Perold is the chief investment officer and partner of HighVista Strategies LLC. He was previously the George Gund Professor of Finance and Banking at the Harvard Business School. Dr. Perold is a board member of RIT Capital Partners. He has been a Vanguard director since 2004.
Sarah Bloom Raskin has served as the deputy secretary of the U.S. Department of the Treasury, as a governor of the Federal Reserve Board, and as the commissioner of financial regulation for the state of Maryland. She is currently a professor at Duke Law School, a Distinguished Fellow at its Global Financial Markets Center, and a Senior Fellow at Duke Center on Risk. Ms. Raskin is a member of the Regenerative Crisis Response Committee, partner in Kaya Corporation Ltd., and a member of the board of directors at Arcadia Corporation. Ms. Raskin joined Vanguard's board in 2017.
Grant Reid retired from Mars, Incorporated, in early 2023 after more than eight years as chief executive officer. In 34 years with the company, he served across all Mars business lines and in a variety of functional areas. Under Mr. Reid's leadership, Mars combined an ambitious growth program that saw sales grow by more than 50% with a bold leadership agenda on value creation and sustainability. Currently, Mr. Reid is Chair of the Sustainable Markets Initiative Agribusiness Taskforce, driving substantial action on how to scale regenerative agriculture. He also serves as a director of Marriott International, Inc., and is a former director of the Consumer Goods Forum. He joined Vanguard's board in 2023.
David Thomas is president of Morehouse College and a trustee of Common Fund. He is a former professor of business administration at Harvard Business School and the former dean of Georgetown University’s McDonough School of Business. He also previously served as an assistant professor at the Wharton School of the University of Pennsylvania. He is currently a director of DTE Energy Company. Dr. Thomas joined Vanguard’s board in 2021.
Peter Volanakis is the retired president and chief operating officer of Corning Incorporated. He is chair of the board of trustees of Colby-Sawyer College and a member of the BMW Group Mobility Council. Mr. Volanakis has been a Vanguard director since 2008.
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1 Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients.
2 Figure is as of July 31, 2024. Source: Vanguard.
3 Updated as of July 31, 2024. Source: Vanguard.
4 Figures are as of July 31, 2024. Source: Vanguard.
5 Figure is as of November 30, 2024. Source: Vanguard.
6 The Vanguard Funds are overseen by boards of trustees. The same individuals serve on the Vanguard board of directors and the funds' boards of trustees.