Vanguard Chief Investment Officer To Retire At Year-End

George U. 'Gus' Sauter, managing director and Chief Investment Officer of Vanguard, announced his plans to retire, effective December 31, 2012.

Sauter, 57, joined Vanguard in 1987 and currently directs Vanguard's global investment management groups, which oversee aggregate assets of $1.6 trillion of Vanguard's $2.1 trillion in global assets.

'I've had the privilege of working with Gus Sauter for 25 years, and he has been a valued colleague and friend', said Vanguard CEO Bill McNabb. 'On behalf of the entire Vanguard family, I thank him for his dedication and service to our clients and our crew. Under his leadership, Vanguard has emerged as a world-class investment management firm with an unparalleled record of accomplishment. And it is equally important to acknowledge Gus for his contributions as a member of Vanguard's senior staff; the entire enterprise has greatly benefited from his values, judgment, investment acumen, and ability to identify and develop the best investment talent in the industry'.

'I am grateful for being associated with Vanguard for nearly my entire career, for it is an organization that truly stands alone in putting the interests of its clients first and giving them the best chance for investment success'. ‒ Gus Sauter

Mortimer J. 'Tim' Buckley, Managing Director, will assume the role of chief investment officer upon Sauter'. retirement. Buckley, 43, has been a member of Vanguard's senior staff since 2001 and has directed Vanguard's Retail Investor Group since 2006. The group serves 5 million individual investors through its client services, high net worth, brokerage, advice, annuity, college savings, and processing operations. Buckley joined Vanguard in 1991 as assistant to then Chairman John C. Bogle. He has held various leadership positions within Vanguard's Planning and Development, Retail Investor, and Web Services groups. From 2001 to 2006, Buckley served as chief information officer and head of Vanguard's Information Technology Division.

Buckley is also a long-tenured member of Vanguard's Portfolio Review Group, which comprises nine executives including Mr. McNabb and six members of Vanguard's senior staff. The group has oversight responsibilities for Vanguard's in-house investment management functions and 30 external investment advisory firms employed by Vanguard in the United States and abroad. Buckley earned an A.B. in economics from Harvard in 1991, and an M.B.A. from Harvard Business School in 1996.

'Tim Buckley has a strong commitment to the Vanguard way of investing, a keen intellect, and a passion for serving Vanguard clients', said McNabb. 'He will inherit a deep, talented group of more than 300 highly experienced equity, fixed income, risk management, and investment strategy professionals who oversee Vanguard portfolios on behalf of clients around the globe'.


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