George U. "Gus" Sauter, managing director and chief investment officer of Vanguard, today announced his plans to retire, effective December 31.

Sauter, 57, joined Vanguard in 1987 and currently directs Vanguard's global investment management groups, which oversee aggregate assets of $1.6 trillion of Vanguard's $2.1 trillion in global assets. Mortimer J. "Tim" Buckley, managing director, will assume the role of chief investment officer upon Sauter's retirement. Buckley has directed Vanguard's Retail Investor Group since 2006.

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