Effective Jan. 1, Vanguard President and Chief Executive Officer F. William McNabb III will succeed John J. Brennan as chairman of the $1.3 trillion investment company. McNabb will continue to also hold the titles of president and CEO.
McNabb, 52, became CEO in August 2008 under a transition plan announced in February 2008. A 23-year Vanguard veteran, he has held a number of senior leadership positions, including directing both the institutional and retail divisions.
Brennan commented, “Bill has done an extraordinary job leading Vanguard through this tumultuous period, and the board of directors and I have full confidence in his ability to steer Vanguard’s future course.”
Brennan joined Vanguard in 1982 and served as CEO from January 1996 through August 2008 and as chairman from January 1998 through this month. Vanguard gave no indication of Brennan’s future plans.