F. William McNabb III, Vanguard Group chairman and CEO, was elected chairman of the Investment Company Institute's board of governors, the advocacy group announced Thursday.
Mr. McNabb, who joined Vanguard in 1986 and became CEO in 2008, has served on ICI's board since 2008. The ICI board is responsible for setting policy and overseeing activities for its members, who represent mutual funds, closed-end funds, exchange-traded funds and unit investment trusts.
The chairman serves a one-year term.