The Vanguard Group chose F. William McNabb III as president and director, effective March 1. In addition, McNabb, 50, will succeed Jack Brennan as chief executive officer within a year. Brennan, 53, who has been president since 1989 and CEO since 1996, will remain as board chairman and will work on strategic issues and other initiatives.
McNabb has held various senior management roles since he joined the Valley Forge, Pa. investment management company in 1986. As a managing director, he currently oversees Vanguard's institutional and international businesses that comprise roughly $700 billion in assets under management.
McNabb earned a bachelor's degree from Dartmouth College and a Masters of Business Administration degree from The Wharton School of the University of Pennsylvania.