Vanguard Group promoted F. William McNabb 3rd to president and director.
Mr. McNabb, 50, will start his new job at the beginning of next month. Within the next year he will also succeed Jack Brennan as the Valley Forge, Pa., fund company's chief executive.
Mr. Brennan, 53, has been Vanguard's president since 1989 and its CEO since 1996, will remain the chairman and will stay "active with the leadership team, working on strategic issues and other important initiatives," the company said Friday.
In an interview Friday, Mr. McNabb said the company hops to expand all of its business units, including its retail, institutional, and 401(k) businesses, but he specifically mentioned he is "excited" to explore opportunities to grow globally.
"The short answer is yes, we want to expand globally and I think a lot of work is going to be done on that in the next couple of years as we add international products and look for new distribution opportunities abroad," he said.
Mr. McNabb has worked for Vanguard since 1986. Most recently as a managing director, he oversaw Vanguard's institutional and international businesses. Jim Norris, a 20-year veteran of Vanguard, will succeed him as the head of the international business, and Greg Barton, a 25-year Vanguard veteran, will run the institutional side.
Vanguard managed $1.25 trillion of assets.
