Vanguard Group announced Thursday that it has named F. William McNabb, its president and chief executive officer, to succeed John J. Brennan on Jan. 1 and become the third chairman in the firm's history.

McNabb, 52, became the firm's chief executive on Aug. 31, 2008, after a six-month transition plan. Thursday's move was part of that transition plan, a Vanguard spokesman said.

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