McNabb named Vanguard president; will succeed Brennan as CEO

The Vanguard Group today named F. William McNabb III president of the Malvern mutual fund giant and eventual successor to Jack Brennan as chief executive.

McNabb, 50, will become president on March 1 and CEO within a year, while Brennan, who has been at the helm since 1996, will remain chairman.

McNabb, joined Vanguard in 1986 and is now a managing director overseeing Vanguard's institutional and international businesses, which have $700 billion in assets under management.

Vanguard managed $1.25 trillion in U.S. mutual fund assets as of Jan. 31, according to the company.