The Vanguard Group Inc., a retirement plan provider and investment manager, said CEO F. William McNabb III will take on the additional role of board chairman in January.
McNabb, 52, succeeds John J. Brennan, who was CEO from 1996 to August 2008 when McNabb stepped into the role as part of a transition plan announced earlier that year. The change in chairman is also part of that plan, spokeswoman Linda Wolohan said Thursday.
Brennan, 55, has been chairman since January 1998. His plans are uncertain but he'll likely continue to offer guidance to members of the management team, while relinquishing his formal duties as chairman, Wolohan said.
McNabb, who will continue as president and CEO, becomes the third chairman in Vanguard's 34-year history.
Valley Forge, Pa.-based Vanguard manages more than $1.3 trillion in U.S. mutual fund assets as of Nov. 30. The company offers more than 160 funds to U.S. investors and more than 50 additional funds outside the U.S.