Vanguard CIO Retiring

Vanguard’s managing director and chief investment officer is retiring.

George U. “Gus” Sauter announced he will leave the firm December 31. Mortimer J. “Tim” Buckley, Vanguard’s managing director, will assume the role of chief investment officer upon Sauter’s retirement.

Sauter, 57, joined Vanguard in 1987 and 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 Chief Executive Bill McNabb. “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.”

Buckley, Sauter’s successor, joined Vanguard in 1991. He has directed Vanguard’s Retail Investor Group since 2006, and served as the firm’s chief information officer from 2001 to 2006.

Buckley earned his bachelor’s degree in economics from Harvard University in 1991, and a master’s in business administration from Harvard Business School in 1996.