Vanguard appoints Bitcoin-friendly former BlackRock ETF lead as CEO

Investment management firm Vanguard has confirmed the appointment of Bitcoin BTC +0.32% -friendly former BlackRock executive Salim Ramji as its new CEO and member of the board, effective July 8.

Ramji, who has 25 years of experience in the industry, previously led BlackRock’s global exchange-traded fund business, overseeing the launch of its IBIT spot bitcoin ETF in the U.S However, he left the firm in January to “seek a new leadership or entrepreneurial opportunity outside the firm.”

"It's an honor to join Vanguard, an institution I have long admired and respected. I am drawn to Vanguard because of the firm's clarity and consistency of purpose and am very excited to get to work and partner with the outstanding leadership team to lead the company into the future,” Ramji said in a statement late Tuesday.

“The current investor landscape is changing, and that presents opportunities for Vanguard to further its mission of giving people the best chance for investment success, which is more relevant today than at any time in the firm's five-decade history. My focus will be to mobilize Vanguard to meet the moment while staying true to that core purpose — remaining the trusted firm that takes a stand for all investors,” he added.

Ramji succeeds Tim Buckley, who is retiring and stepping down as both Chairman and CEO of Vanguard upon the effective date. Vanguard's Lead Independent Director, Mark Loughridge, will be appointed non-executive Chairman.

"I have worked with Salim on the Executive Committee of the Investment Company Institute. He cares about advancing the interests of individual investors, has a strong fiduciary ethos, and thinks strategically about solutions. Salim understands our organization's deep sense of purpose and commitment to put clients first, which is a hallmark of Vanguard's leadership team and culture,” Buckley said.

Vanguard’s hostility to Bitcoin

The appointment is particularly interesting given Vanguard’s prior hostility to Bitcoin. In January, users with brokerage accounts at the firm were unable to buy U.S. spot Bitcoin ETFs, unlike many of its competitors. Vanguard told The Block at the time that it would not offer the funds, arguing that high volatility is detrimental to generating long-term returns—a position reiterated by Buckley at the time, despite previously offering access to Bitcoin futures ETFs.

The stance sparked a #BoycottVanguard movement on social media. However, Vanguard responded by doubling down and removing the Bitcoin futures ETFs from its platform.

The following month, Buckley announced he would be stepping down as CEO this year, leading to speculation that the firm might reconsider its position on Bitcoin. That idea was broadly rejected by analysts at the time. However, while there is currently no indication of such a shift, the appointment of Bitcoin-friendly Ramji is certainly intriguing, especially since it is the first time Vanguard has hired externally for the CEO role.

“Salim Ramji oversaw the filing and logistics for IBIT and he has been quoted about his interest in digital assets although I'm not sure that's gonna change Vanguard's stance but hell he will be the CEO. Who knows. Door much more open now,” Bloomberg ETF analyst Eric Balchunas posted on X.

“Will be interesting to see if Salim Ramji tries to help Vanguard investors gain access to crypto as he believed in doing for BlackRock investors,” The ETF Store President Nate Geraci added .

　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.