Bill McNabb is standing down as chief executive of Vanguard, the world's largest mutual fund manager.
He will be replaced at the end of the year by the firm's chief investment officer Tim Buckley.
McNabb, who took over as chief executive in 2008, will remain at the US company as chairman.
Buckley will be Vanguard's fourth boss since its founding in 1975. Greg Davis, head of the fixed income group, will replace Buckley as investment chief.
“As the firm continues to grow, evolve and expand globally, it is the right time for a new leader and the board is unanimous in its belief that Tim Buckley is the ideal next chief executive for Vanguard,” McNabb said.
I have worked alongside Tim for many years and he brings a strong passion for serving Vanguard clients and crew, a global mindset, and significant leadership experience in all facets of our operations.
Buckley has worked in Vanguard's senior leadership team since 2001 and has been in his current position since 2013.
He said: “Thanks to Bill's strong leadership over the past ten years, Vanguard is well-positioned to continue helping clients achieve investment success. I look forward to continuing to work closely with Bill over the next six months as I transition to my new role.”