may be only 53 years old, but his tenure as Vanguard's
CEO is already winding down. Friday morning the Valley Forge, Pennsylvania-based fund firm named F. William "Bill" McNabb III
as its next CEO. McNabb will take the CEO post from Brennan sometime in the next 12 months, according to the company. Meanwhile, Brennan will stay on as chairman of the board.
| Bill McNabb |
Incoming President and CEO
McNabb will also take the title of president on March 1 and become a company director.
NcNabb, who is only three years younger than Brennan, rose through Vanguard's institutional and retirement business after joining the fund firm in 1986. He currently heads both the institutional and international businesses at Vanguard, duties that he took over from James Gately (Gately is now retired).
Brennan has been CEO at Vanguard since 1996, when he succeeded founder Jack Bogle
. He took the president's post in 1999.
The company has not discussed Brennan's future plans.
Company Press Release
McNABB NAMED PRESIDENT OF VANGUARD;
TO SUCCEED BRENNAN AS CEO
VALLEY FORGE, PA, February 22, 2008 – The Board of Directors of The Vanguard Group has elected F. William McNabb III as President and Director of Vanguard, effective March 1. Mr. McNabb, 50, will succeed Jack Brennan as Chief Executive Officer within a year. Mr. Brennan, 53, who has served as Vanguard’s President since 1989 and CEO since 1996, will remain as Chairman of the Board and active with the leadership team, working on strategic issues and other important initiatives.
Mr. McNabb has been with Vanguard since 1986, serving in several different senior management roles and leading each of the Vanguard client-facing business divisions during his 22-year career. As a Managing Director, he currently oversees Vanguard’s Institutional and International businesses, which encompass some $700 billion in assets under management.
“Bill McNabb is a man of great integrity, values, character, talent, experience, and accomplishment,” said Jack Brennan. “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.”
Mr. McNabb earned a bachelor’s degree from Dartmouth College and a Masters of Business Administration degree from The Wharton School of the University of Pennsylvania.
Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world’s largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages $1.25 trillion in U.S. mutual fund assets, including more than $350 billion in employer-sponsored retirement plans. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in foreign markets.
Stay ahead of the news ... Sign up for our email alerts now