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.

“Bill McNabb is a man of great integrity, values, character, talent, experience, and accomplishment,” said Jack Brennan in a statement. “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.”