VALLEY FORGE, PA, December 10, 2009— Vanguard President and CEO F. William McNabb III will succeed John J. Brennan as Chairman of the $1.3 trillion investment management company and the Vanguard funds, effective January 1, 2010.

Mr. McNabb, 52, assumed the CEO position at Vanguard in August 2008 under a transition plan announced in February 2008. He joined Vanguard in June 1986 and has held various senior leadership positions during his career, including directing Vanguard’s Institutional and Retail divisions. Mr. McNabb, who will continue as President and CEO, becomes the third chairman in Vanguard's 34-year history.

“Bill has done an extraordinary job leading Vanguard during this tumultuous period, and the Board of Directors and I have full confidence in his ability to steer Vanguard’s future course,” said Mr. Brennan.

Mr. McNabb is active in the investment management industry and serves as a member of the board of governors of the Investment Company Institute. Mr. McNabb earned an A.B. at Dartmouth College and an M.B.A. at The Wharton School of the University of Pennsylvania.

Mr. Brennan joined Vanguard in 1982. He served as Vanguard CEO from January 1996 to August 2008 and Chairman from January 1998 to December 2009.

In commenting on Mr. Brennan’s career, Mr. McNabb said “Jack's commitment to our clients, his dedication to our crew, and his passion for our industry are values that will endure at Vanguard well beyond Jack’s tenure. He will be sorely missed.”