Former Vanguard CEO Tim Buckley gets seat on Boeing's board

Tim Buckley, the longtime CEO of Vanguard whose three-decade tenure was cut short this year, is joining the board of directors at Boeing.

The unexpected board appointment of the former chairman and CEO of The Vanguard Group will take effect on January 1, the airline announced Friday.

In a statement, the company said Buckley will serve on the Finance and Governance & Public Policy committees, bringing his extensive experience in investment management to the aerospace giant.

"Tim is a renowned, trusted leader who brings the voice of the investor and a track record of business success to our Board," said Boeing Board Chair Steve Mollenkopf. "Tim's familiarity with the broad investor community, expertise managing complex business operations and ability to positively lead through change will bring additional important perspective to our Board."

Buckley's time as Vanguard's chief executive saw significant asset growth, with assets under management increasing by 80 percent to reach nearly $10 trillion. His leadership focused on offering products and developing digital services aimed at enhancing clients' long-term success. During his 33-year career at Vanguard, he took on other leadership roles, including stints as chief investment officer and chief information officer.

Buckley announced his retirement from Vanguard in February, with plans to step down by the end of the year. The firm launched a comprehensive search for his successor, considering both internal and external candidates.

The search ended prematurely in May, when Vanguard appointed Salim Ramji, a former BlackRock executive, as the new CEO. Ramji, who bucked the firm's history of selecting a chief executive from within, assumed the position in July..

Boeing's surprise announcement of Buckley to its board comes as the firm weathers a turbulent period. A strike by tens of thousands of its workers, who at one point turned down its offer of a 35 percent pay raise and an up to 12 percent annual contribution to their 401(k) plans, crippled its operations for two months. The dispute came to an end earlier this month when workers approved a new contract for a 38 percent pay raise.

Buckley will take the 12th seat on Boeing's board, and will be its 10th new director added since 2019.