Vanguard chief executive to step down
Mutual fund company Vanguard Group today said its chief executive officer, Jack Brennan, will step down within a year.
News that Brennan, who has led the $1.25 trillion mutual fund giant since 1996, will move aside and be replaced by company veteran William McNabb surprised many in the $12.7 trillion mutual fund industry, especially considering that Brennan is only 53.
McNabb, 50, who has headed the company's Institutional Investor Group for more than a decade, will become president and director of Vanguard on March 1 and "will succeed Jack Brennan as chief executive office within a year," the company said. Brennan will remain chairman of the board and "active with the leadership team."
"I am a believer that change is a critical part of keeping an organization vibrant and evolving for the better. So, change at the top, if you will, is something that I believe in as well," Brennan said on the company's Web site. (Reuters)
