H ello! Vanguard has hired a new CEO, former BlackRock executive Salim Ramji. In this week’s ETF Wrap, you’ll see how Vanguard stacks up against BlackRock in its close competition for assets in the U.S. ETF world.

A half-century after John “Jack” Bogle founded Vanguard Group, the roughly $9 trillion fund giant is doing what once would’ve been unthinkable: hiring an outsider as its chief executive officer. And from archrival BlackRock Inc.

Salim Ramji succeeds Tim Buckley, who, earlier this year announced, will retire and step down as Chairman and CEO, added Vanguard. Salim Ramji’s career in the financial services industry spans over 25 years.

Salim ​​Ramji will succeed Tim Buckley, whose departure as chairman and CEO was announced in February. Buckley, who has been with Vanguard for over three decades.