John C. Bogle, the founder of Vanguard Group, will leave the mutual fund company's board of directors on Dec. 31, the company announced Friday.

Mr. Bogle is to become president of Bogle Financial Markets Research Center, a Vanguard-supported venture. The announcement follows a controversy about whether Mr. Bogle, who turned 70 this year, would be allowed to remain on the board. Company bylaws require all directors to step down at that age.

Apparently as a goodwill gesture, the board voted last week to waive the rule for Mr. Bogle. He then announced that he would depart. -- Stephen Garmhausen

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