Vanguard Appoints Former BlackRock Executive as New CEO

Vanguard appoints former Blackrock executive Ramji, who advocated for Bitcoin and blockchain technology while overseeing BlackRock’s spot Bitcoin ETF filing as its CEO.

The asset management behemoth Vanguard has appointed former Blackrock executive Salim Ramji, a Bitcoin proponent, as its new CEO.

Industry analysts are speculating on whether Ramji, who oversaw the launch and approval of BlackRock’s spot Bitcoin exchange-traded fund earlier this year, will attempt to alter the firm’s longstanding opposition to Bitcoin (BTC) or whether his May 14 appointment to Vanguard will prompt a late filing for a spot Bitcoin ETF.

James Seyffart, an ETF analyst at Bloomberg, stated on May 15 to X that he believes Ramji would need help to witness Vanguard introduce its spot Bitcoin ETF product. 

Seyffart believes Salim Ramji could change Vanguard’s stance regarding the inaccessibility of its brokerage platform to the purchase of spot Bitcoin ETFs by its clients.

A fellow Bloomberg analyst, Eric Balchunas, expressed a comparable viewpoint but pointed out that Ramji had previously admired blockchain technology and Bitcoin.

“Who knows… Door much more open now IMO.”

Balchunas characterized Vanguard’s decision as a “semi-shock,” given that it signifies the organization’s inaugural employment of an external engineer as CEO.

On July 8, Tim Buckley, a longtime Bitcoin critic, will be succeeded as CEO of Vanguard by Ramji.

Vanguard had actively sought a new leader since late February of this year when Buckley initially disclosed his intention to retire.

Four days after assisting the firm in initiating the iShares Bitcoin Trust on January 11, 2024, Ramji said he left BlackRock to “seek a new leadership or entrepreneurial opportunity” elsewhere.

He held the position of Global Head of iShares and Index Investments at BlackRock and was a member of the organization’s Global Executive Committee.

Several longstanding Vanguard clients threatened to shutter their accounts in January in response to the investment firm’s decision to discontinue spot Bitcoin ETFs on its brokerage platform.

When the decision was reached, Vanguard promoted the “Inverse Jim Cramer ETF.”

Vanguard reaffirmed its decision not to offer a spot Bitcoin product, stating unequivocally that the firm’s investment philosophy does not align with Bitcoin.

“Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.”