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.

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