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Vanguard’s William McNabb to assume chairman role in January

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Vanguard president and chief executive F. William McNabb III will succeed John J. Brennan as chairman of the investment management company and the Vanguard funds, effective 1 January 2010.

McNabb (pictured) assumed the chief executive position at Vanguard in August 2008 under a transition plan announced in February 2008.

He joined Vanguard in June 1986 and has held various senior leadership positions during his career, including directing Vanguard’s institutional and retail divisions.

McNabb, who will continue as president and chief executive, becomes the third chairman in Vanguard’s 34-year history.

“Bill has done an extraordinary job leading Vanguard during this tumultuous period, and the board of directors and I have full confidence in his ability to steer Vanguard’s future course,” says Brennan.

McNabb is active in the investment management industry and serves as a member of the board of governors of the Investment Company Institute.

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