Mortimer J. "Tim" Buckley, CEO of Vanguard Group, will also become chairman of the money management firm effective Jan. 1, the company announced Thursday in a news release.
Mr. Buckley will replace F. William McNabb III, who is retiring after 32 years at Vanguard, a company spokeswoman said.
Mr. McNabb has been chairman since December 2009 and had been CEO until January of this year, when he was replaced by Mr. Buckley. Mr. McNabb announced his intent to retire in the summer of 2017.
Mr. Buckley, who joined Vanguard in 1991, was chief investment officer at Vanguard from 2013 to 2017 and prior to that led Vanguard's retail investor group.
Vanguard managed $5.3 trillion in assets as of Sept. 30.