The Philadelphia Inquirer has picked up on comments made by Vanguard [see profile] CEO Bill McNabb at the Wharton Leadership Conference yesterday.

F. William McNabb III Vanguard Chairman, CEO

One of the topics he discussed was promoting staff. According to McNabb, there are "700 or 800 people" that aspire to be elevated into the Valley Forge, Pennsylvania-based mutual fund firm's 200 key management posts and 10-person executive team.

"We do have a very rigorous scoring of who should be promoted," McNabb told the audience. "Some of you may be thinking, 'Boy, not a lot of flexibility there.' And that's true."

Another quotable quote from his talk is about Vanguard's approach to innovation. "We have a really funny relationship with innovation," the Philadelphia Inquirer quoted him as saying. "We don't want to experiment with other people's money. That's why there is so much crap in the investment world. We think that's a horrible way to innovate." 

Edited by: Armie Margaret Lee


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