Vanguard Group tapped a former BlackRock executive as its next leader, putting an outsider in charge of the asset manager for the first time in its roughly 50-year history.

Salim Ramji, who led BlackRock’s ETFs and index investing until earlier this year, will start as Vanguard’s chief executive in July, the company said late 14 May. The Wall Street Journal reported earlier that Ramji’s appointment was imminent.