The board of directors at The Vanguard Group Inc. has elected F. William McNabb III as its chief executive officer.

He will start his new job Aug. 31.

McNabb will succeed Jack Brennan, who has been the Valley Forge, Pa., company's CEO since 1996 and announced his retirement earlier this year. Brennan, 54, will remain the chairman of Vanguard's board and its funds.

McNabb, 51, has held various leadership positions at Vanguard since June 1986, including directing its retail and institutional divisions.

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