Vanguard Set to Appoint Former BlackRock Executive as New CEO

According to CoinDesk, Vanguard is reportedly set to appoint Salim Ramji, a former BlackRock executive, as its new CEO. Ramji, who oversaw the launch of BlackRock's bitcoin exchange-traded fund (ETF), left the firm in January to pursue new leadership opportunities. His departure followed the launch of the iShares Bitcoin Trust (IBIT), for which he managed the filing and logistics. Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, has noted Ramji's interest in digital assets. However, he expressed uncertainty about whether this would influence Vanguard's current stance on the matter. 'He has been quoted about his interest in digital assets although I'm not sure that's going to change Vanguard's stance but he will be the CEO. Who knows. Door much more open now IMO,' Balchunas wrote. Nate Geraci, president of the ETF Store, also commented on the potential implications of Ramji's appointment. '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,' he said. Ramji's appointment has come as a surprise to many, given Vanguard's previously negative stance on bitcoin and his known interest in the industry. This has led to speculation on social media that the asset manager might change its stance. In a 2023 interview with Bloomberg TV, Ramji expressed his excitement about the technology underpinning bitcoin and blockchain. 'The underlying technology that underpins bitcoin and the blockchain technology, something that we’re incredibly excited about, and we’re excited about it because it removes frictions or at least has the promise of removing frictions across the ecosystem,' he said. If confirmed, this will be the first time Vanguard has hired a CEO from outside the company.