The Board of Directors of The Vanguard Group has elected F. William McNabb III as its new president and director, effective March 1.


McNabb, 50, will succeed CEO John Brennan within a year.


Brennan, 53, has served as Vanguard’s president since 1989 and CEO since 1996 and he will remain as chairman of the board.


McNabb has worked at Vanguard since 1986, most currently as managing director of institutional and international business, which has $700 billion in assets under management.


“Bill McNabb is a man of great integrity, values, character, talent, experience, and accomplishment,” Brennan said. “He is intimately familiar with, and has been actively involved in, all of our investment, business, and technology efforts. Vanguard’s clients and our crew members are very fortunate to have him assume the role of president of our company. Working in concert with our experienced senior management team and board, Bill is the ideal person to lead Vanguard into the future. I am thrilled that our directors have named him as my successor.”


McNabb received his bachelor’s degree from Dartmouth College and his Masters of Business Administration degree from The Wharton School of the University of Pennsylvania.

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