Vanguard funds name successor for CEO Brennan

BOSTON -- VANGUARD/CEO (URGENT):Vanguard says McNabb to succeed Brennan as CEO

The Vanguard Group announced Friday that William McNabb will take over within a year as CEO of the nation's second-largest mutual fund company.

McNabb, 50, has been with Vanguard since 1986. He currently is a managing director overseeing Vanguard's institutional and international businesses, which have about $700 billion in assets under management.

He will become president and a director March 1 and will succeed Chief Executive Officer John Brennan within a year.

Brennan, 53, will remain board chairman. He has been president since 1989 and CEO since 1996.

Vanguard, which is privately owned, manages $1.25 trillion in mutual fund assets, including more than $350 billion in employer-sponsored retirement plans.