Vanguard’s Board has elected William McNabb as its new president and as a director effective March 1, replacing John Brennan. McNabb, 50, will also succeed Brennan as CEO within a year. Brennan, 53, who has served as Vanguard’s president since 1989 and CEO since 1996, will remain chairman and stay active with the leadership team, working on strategic issues and other important initiatives, according to Vanguard.
With Vanguard since 1986, McNabb has served in several different senior management roles, leading each of the Vanguard client-facing business divisions during his 22-year career. In his current role a managing director, he oversees Vanguard’s Institutional and International businesses, which encompass some $700 billion in assets under management, according to Vanguard.