Vanguard Group announced today a successor to longtime president and CEO Jack Brennan.
F. William McNabb III, 50 years old, has been named president and director of Vanguard, effective March 1, and will succeed Brennan as CEO within a year, the company says.
McNabb has been with Vanguard since 1986. He currently oversees Vanguard's Institutional and International businesses, which have about $700 billion in assets under management.
"Jack has always believed that change keeps an organization vibrant and healthy, and he has a well-qualified successor in Bill McNabb," says company spokesman John Woerth. "He feels comfortable stepping aside."
Brennan, 53, has been at Vanguard since 1982. He has been the company's president for 19 years and CEO for 12 years. He will remain chairman of the board.
Vanguard, based in Valley Forge, Pa., is one of the nation's largest mutual-fund companies, managing $1.25 trillion in U.S. mutual-fund assets. It offers more than 150 funds to U.S. investors and more than 50 additional funds in foreign markets.