Vanguard announces date for new CEO

The Vanguard Group announced today that the transition of F. William McNabb III to chief executive officer will be effective Aug. 31.

The Valley Forge-based mutual fund giant had announced in February that Jack Brennan, who has been CEO since 1996, would be stepping down within a year.

McNabb, 51, a 22-year company veteran with experience in all of Vanguard's businesses, became president earlier this year.

Brennan, 54, will remain as board chairman, and will continue to be involved in strategic business and fund management issues.

With 9,000 employees in the Philadelphia region, Vanguard has one of the area's largest payrolls.