After nearly 12 years as CEO of the Vanguard Group, Jack Brennan is stepping down. Vanguard experienced a period of intense growth during Brennan’s tenure, increasing assets under management over 6 times from $200 billion to $1.3 trillion. Meanwhile, Vanguard’s fund line-up nearly dubbled and its average expense ratio decreased by 37.5% to a measely 0.2%. The last decade also saw Vanguard embracing certain financial industry trends frowned upon but Vanguard founder Jack Bogle such as ETFs.
The Vanguard board has already identified a successor for Brennan in long-time Vanguard manager William McNabb, who will take over both President and CEO duties. McNabb has been with the firm for over 2 decades and has extensive experience with every one of Vanguard’s major operations. The transition should be complete within a year.
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