Vanguard has named a former BlackRock exec as its new CEO

Asset management giant Vanguard has named Bitcoin-friendly ex-BlackRock executive Salim Ramji as its new CEO.

While Ramji oversaw the approval and launch of BlackRock's position in a Bitcoin exchange-traded fund earlier this year, his May 14 appointment to Vanguard suggests whether he will try to reverse the company's long-standing opposition to Bitcoin (BTC). Late registration for a Bitcoin ETF.

In a May 15 post for X, Bloomberg ETF analyst James Seifert said he doesn't believe Ramji will see Vanguard launch its own Bitcoin ETF product.

However, Seifert thinks Ramji could change Vanguard's stance on not allowing clients to buy Bitcoin ETFs on the brokerage platform.

While Bloomberg analyst Eric Balchunas made a similar comment, Ramji has previously spoken highly of Bitcoin and blockchain technology.

“Who knows… it's more open now IMO.

Balchunas described Vanguard's decision as “partial shock,” as it is the first time the company has hired an outsider as CEO.

Ramji will replace Tim Bucklin — a longtime bitcoin critic — as Vanguard's CEO, effective July 8.

Vanguard has been searching for a new boss since late February this year, when Buckley first announced his plans to retire.

Ramji left BlackRock four days after helping the company launch the iShares Bitcoin Trust on Jan. 11, 2024, to “pursue new leadership or an entrepreneurial opportunity,” outside of BlackRock, he said.

He served as BlackRock's Global Head of iShares and Index Investments and was a member of the firm's Global Executive Committee.

Related: Vanguard Among MicroStrategy's Largest Shareholders, Indirectly Exposed to Bitcoin

Some of Vanguard's longtime customers threatened to close their accounts in January.

The decision was made when Vanguard introduced the Inverse Jim Cramer ETF.

Vanguard has doubled down on its call not to offer a bitcoin product position, asserting that bitcoin simply doesn't fit with the firm's investment philosophy.

“Our view is that these products are inconsistent with our offerings focused on asset classes such as stocks, bonds and cash, which Vanguard views as the building blocks of a balanced, long-term investment portfolio.”

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