F. William McNabb III will become president and CEO of The Vanguard Group, said spokeswoman Rebecca Cohen.
Mr. McNabb, 50, will assume both titles from Jack Brennan, 53, who will remain chairman and actively involved on strategic issues and other important initiatives, according to a Vanguard news release. Mr. Brennan has been Vanguards president since 1989 and CEO since 1996. Mr. McNabb, who will become president March 1 and CEO within a year, is a managing director overseeing Vanguards institutional and international businesses. R. Gregory Barton will become managing director of the institutional investor group; he now is a managing director overseeing Vanguards advice and brokerage services group. James M. Norris will become a principal overseeing the international division; he now is a principal in Vanguards corporate strategy group.