Vanguard raises eyebrows in search for new CEO


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Some Vanguard Group-watchers raised their eyebrows when last month Mortimer “Tim” Buckley announced, at 55, that he’s stepping down immediately as president and will retire as CEO and chair at year end. “Surprise exit raises big questions,” wrote financial news publication Barron’s. Early retirement is normal for executives at Malvern-based Vanguard, which is, after all, in the retirement-savings business. Founder John Bogle was 59 when he stepped aside as president in favor of Jack Brennan, who later retired at 54. The less-usual move was that the company also declared a “comprehensive process to select a new CEO, evaluating both internal...