Vanguard Group Inc. said Friday that its board has elected F. William McNabb 3rd as its chief executive officer.
He will start his new job Aug. 31.
Mr. McNabb will succeed John J. Brennan, who has been the Valley Forge, Pa., company's CEO since 1996 and announced his retirement this year. Mr. Brennan, 54, will remain the chairman of Vanguard's board and its funds.
Mr. McNabb, 51, has held various leadership positions at Vanguard since June 1986, including directing its retail and institutional divisions.
Vanguard has $1.25 trillion of mutual fund assets under management as of June 30, including more than $360 billion in employer-sponsored retirement plans.
It offers more than 150 funds to U.S. investors and more than 50 additional funds in non-U.S. markets.
