Vanguard Group announced Friday it elected F. William McNabb 3d as its new president and director effective at the beginning of next month.
Mr. McNabb, 50, will also succeed Jack Brennan as the Valley, Forge, Pa. mutual fund company’s chief executive within the next year.
Mr. Brennan, 53, who has been Vanguard’s president since 1989 and chief executive since 1996, will remain chairman of the board and “active with the leadership team, working on strategic issues and other important initiatives,” the company said in a press release Friday.
Mr. McNabb has worked for Vanguard since 1986, serving most recently as a managing director that oversees Vanguard’s institutional and international businesses, which has $700 billion in assets under management.
Mr. Brennan said in a press release that he is “thrilled” with Vanguard decision.
Vanguard had $1.25 trillion in mutual fund assets under management as of Dec. 31.
