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ON THE MOVE
By Journal of Indexes Staff

McNabb To Fill Brennan’s Shoes At Vanguard

Jack Brennan recently announced that he would step down as chief executive officer. He is only the second person to hold that title at the company, having taken over the reins at Vanguard in 1996 from its founder, John Bogle, the pioneer of retail index mutual funds.

Vanguard says Brennan will be succeeded by F. William McNabb III, who previously served as a managing director overseeing the firm’s growing institutional and international operations.

Brennan joined Vanguard in 1982. He was elected president in 1989 and later became its chairman in 1998 (to go along with his CEO duties). Brennan will remain as chairman of Vanguard’s board, the company said.

McNabb has been with Vanguard since 1986, serving in several key senior management roles. He became Vanguard’s president and director effective March 1.

Under Brennan, Vanguard’s assets under management have grown to $1.25 trillion in U.S. mutual fund assets, including $43 billion in ETF assets.

Claymore’s Magoon Promoted Claymore has named Christian Magoon, the managing director in charge of its ETF business, as president. He is responsible for product development, marketing and distribution for the company’s ETF and unit investment trust businesses.
 

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