William McNabb, chairman and CEO of The Vanguard Group, has been elected chairman of the Investment Company Institute’s Board of Governors, the institute announced on Thursday.
McNabb was first elected to the ICI board in 2008 and has served on the Executive Committee since 2009. He will be chairman for one year.
“I am honored to be elected chairman by the institute’s Board of Governors,” McNabb said in a statement. “Mutual funds and exchange-traded funds are a critically important component of the capital markets in the United States and abroad. I look forward to working with ICI and its entire membership to ensure that funds remain the very best vehicle for individuals to achieve their most important, long-term financial goals.”
ICI also announced four new members to the Board of Governors: Karen Horn, independent director at T. Rowe Price Funds; Lawrence Kaplan, partner and general counsel at Lord, Abbett & Co.; Joseph Sullivan, president and CEO at Legg Mason; and Ralph Verni, independent director at Eaton Vance Funds. The new governors will serve until Sept. 30, 2016.
“Bill McNabb, already a leader in our industry, has a strong vision for the industry’s future,” Paul Stevens, president and CEO of ICI, said in a statement. “He is widely respected for his contributions and will excel in the role of chairman. I look forward with great pleasure to working with him and our exceptional Board of Governors.”
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