Our senior management team, in concert with Vanguard's board of directors, ensures 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 30 million clients.2
Vanguard’s senior management team is made up of eleven managing directors who are elected by the board of directors. 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 Mortimer (Tim) Buckley and includes long-tenured, experienced senior executives.
Vanguard’s CEO and managing directors 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.
Mortimer (Tim) Buckley is chairman of the board and chief executive officer of Vanguard. Previously, he was Vanguard's chief investment officer, overseeing the company's internally managed stock, bond, and money market portfolios as well as its investment research and methodology. He joined Vanguard in 1991 and has held a number of senior leadership positions, including chief information officer from 2001 to 2006 and head of the Retail Investor Group from 2006 to 2012. Outside of Vanguard, he served as chairman of the board of Children's Hospital of Philadelphia from 2011 to 2017 and as a trustee and vice chair of The Shipley School from 2018 to 2022. He is a member of the board of governors of the Investment Company Institute and of FINRA. Tim holds an A.B. in economics from Harvard College and an M.B.A. from Harvard Business School.
Matthew Benchener is managing director of Vanguard Personal Investor, which serves individual clients and small businesses. Most recently, he was head of Retail Client Services and Operations. Matt joined Vanguard in 2008. He has served in a variety of senior leadership roles, including chief marketing officer for Retail and in the firm's Institutional division and Corporate Strategy department. He earned a B.A. from Johns Hopkins University and an M.B.A. from The Wharton School at the University of Pennsylvania.
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.
Gregory Davis is managing director and Vanguard's chief investment officer, overseeing more than $7 trillion managed by Vanguard Fixed Income, Equity Index, and Quantitative Equity groups.3 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 on the board of the Children's Hospital of Philadelphia and is a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury. 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.
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.
Thomas Rampulla 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 Most recently, he was head of Vanguard's U.K. and European operations. Tom joined Vanguard in 1988 and has held various management positions since then. He holds a bachelor's degree from Bloomsburg University of Pennsylvania and an M.B.A. from Drexel University. He is also a graduate of Harvard Business School's Advanced Management Program.
Karin Risi is managing director of Vanguard’s Strategy, Product, Marketing and Communications division, which is responsible for Vanguard's global investment product development and oversight, enterprise strategy and business development, and global marketing and communications. Since joining Vanguard in 1997, Karin has held various leadership roles across the firm's corporate, institutional, and individual investor groups. Prior to her current role, she was managing director of Vanguard's Retail Investor Group. She earned a B.S. in finance and an M.B.A. from Villanova University.
Anne Robinson is general counsel of The Vanguard Group, Inc., and secretary of the Vanguard funds. She is managing director of the Office of the General Counsel, which includes Government Relations, Legal, Compliance, and Investment Stewardship. Anne joined Vanguard in 2016. Previously she served as a managing director and general counsel in the Citigroup global legal department. She started her career in private law practice and went on to serve as counsel with Deloitte Consulting before moving to American Express in 2003. She joined Citigroup in 2014 as managing director and general counsel of global cards and consumer services. Anne earned a bachelor's degree in political science from Hampton University and a J.D. from Columbia University 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 of Vanguard's Human Resources division, which is responsible for talent, leadership, and culture. 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 in 2009.
Vanguard’s board includes 11 directors; 10 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.5 Mark Loughridge serves as the lead independent director, and Vanguard CEO Mortimer (Tim) Buckley serves as 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 across multiple dimensions. These include characteristics beyond those illustrated here.
Note: Data are as of April 20, 2023.
Mortimer (Tim) Buckley is chairman of the board and chief executive officer of Vanguard. Previously, he was Vanguard's chief investment officer, overseeing the company's internally managed stock, bond, and money market portfolios as well as its investment research and methodology. Mr. Buckley joined Vanguard in 1991 and has held a number of senior leadership positions, including chief information officer from 2001 to 2006 and head of the Retail Investor Group from 2006 to 2012. Outside of Vanguard, he served as chairman of the board of Children's Hospital of Philadelphia from 2011 to 2017 and as a trustee and vice chair of The Shipley School from 2018 to 2022. He is a member of the board of governors of the Investment Company Institute and of FINRA. Mr. Buckley holds an A.B. in economics from Harvard College and an M.B.A. from Harvard Business School.
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 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.
Joseph Loughrey is the retired president and chief operating officer of Cummins Inc. and retired chairman of the board of Hillenbrand, Inc. He serves as 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.
Mark Loughridge is the board's lead independent director. 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 with the chairman to develop the agenda of board meetings and chairs the meetings of the independent directors, including meetings of the audit, compensation, 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.
Scott Malpass 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 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.
Deanna Mulligan served as The Guardian Life Insurance Company's chief executive officer from 2011 until October 2020 and as its president from 2010 to 2019. Before that, she was chief operating officer and executive vice president of the company's individual life and disability division. Ms. Mulligan serves as a trustee of the Partnership for New York City, Chief Executives for Corporate Purpose, the New York Presbyterian Hospital, and the Bruce Museum; as a board member of the Economic Club of New York; as a director of DuPont; and as a member of the Advisory Council for the Stanford Graduate School of Business. She joined Vanguard's board in 2017.
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 Corporatoin Ltd., and a member of the board of directors at Arcadia Corporation. Ms. Raskin joined Vanguard's board in 2017.
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 investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard.
2 Figure is as of February 28, 2023. Source: Vanguard.
3 Assets under management are as of February 28, 2023. Source: Vanguard.
4 Figures are as of February 28, 2023. Source: Vanguard.
5 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.