Vanguard
02/28/2008

The board of directors of The Vanguard Group has elected F. William McNabb III as president and director of Vanguard, effective March 1. Mr. McNabb, 50, will succeed Jack Brennan as chief executive officer within a year. Mr. Brennan, 53, who has served as Vanguard's president since 1989 and CEO since 1996, will remain as chairman of the board and active with the leadership team, working on strategic issues and other important initiatives.
Mr. McNabb has been with Vanguard since 1986, serving in several different senior management roles and leading each of the Vanguard client-facing business divisions during his 22-year career. As a managing director, he currently oversees Vanguard's institutional and international businesses, which encompass some $700 billion in assets under management.

"Bill McNabb is a man of great integrity, values, character, talent, experience, and accomplishment," said Jack Brennan. "He is intimately familiar with, and has been actively involved in, all of our investment, business, and technology efforts. Vanguard's clients and our crew members are very fortunate to have him assume the role of president of our company. Working in concert with our experienced senior management team and board, Bill is the ideal person to lead Vanguard into the future. I am thrilled that our directors have named him as my successor."

Mr. McNabb earned a bachelor's degree from Dartmouth College and a Master's of Business Administration degree from The Wharton School of the University of Pennsylvania.

Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world's largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages $1.25 trillion in U.S. mutual fund assets, including more than $350 billion in employer-sponsored retirement plans. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in foreign markets. The Vanguard Group serves as investment manager to Vanguard Investment Series plc.