Money Management

Vanguard names chief strategy officer

Brent Beardsley has been named chief strategy officer at Vanguard Group, succeeding Ann Combs, who retired from the firm at the of 2018, a spokeswoman confirmed.

Mr. Beardsley will report to managing director Chris D. McIsaac, who leads Vanguard's planning and development division, the spokeswoman said.

"Brent Beardsley joined Vanguard at the beginning of the year to lead our corporate strategy department," the spokeswoman wrote in an email. "Corporate strategy is part of Vanguard's planning and development division. ... The department is responsible for supporting Vanguard's corporate and business line strategy, and includes Vanguard's Innovation Studio."

Vanguard opened the Innovation Studio in July 2017, which was designed to enable employees and external partners to work on new projects to serve current and future client needs, including creating innovations within technology and product development.

The Innovation Studio was deemed "a place away from the daily demands of the business, where a specific group of people can dedicate their time to thinking about what's next for Vanguard," a different Vanguard spokeswoman said at the time.

Mr. Beardsley was previously a senior partner, managing director and head of the asset and wealth management practice at Boston Consulting Group. BCG could not immediately be reached regarding his departure.

Ms. Combs joined Vanguard in 2007 as a principal and head of the firm's government relations office. Prior to her time at Vanguard, she was the Department of Labor's assistant secretary for the Employee Benefits Security Administration from 2001 to 2006.

Vanguard managed $4.9 trillion in global assets as of Dec. 31.