Vanguard, the Valley Forge, Pennsylvania-based investment giant with approximately $12 trillion in global assets under management, has announced that Kenneth Jacobs has been elected nonexecutive chairman of its board of directors.
The election follows the retirement announcement of current chairman Mark Loughridge, who will step down from Vanguard's board and from the boards of trustees for each of the Vanguard funds, effective December 31, 2026.
The move marks the latest in a string of high-profile governance changes at Vanguard, which has been reshaping its leadership since bringing in its first-ever external chief executive, Salim Ramji, in July 2024. InvestmentNews reported at the time that Ramji, a former senior leader at BlackRock's iShares division, was appointed to steer Vanguard through a pivotal period for index investing and ETFs.
"For nearly 15 years, Mark has helped guide Vanguard through a period of significant growth and change while remaining steadfast in his commitment to our mission of giving investors the best chance for investment success," Ramji said. "His wisdom, integrity, and thoughtful leadership have strengthened our governance and positioned Vanguard for continued success."
Loughridge, a retired senior vice president and chief financial officer of IBM who also served on IBM's Retirement Plan Committee, exits after a tenure that saw Vanguard navigate the post-pandemic market environment, intensifying competition from BlackRock and Fidelity, and growing scrutiny of large asset managers from US policymakers.
Jacobs joined Vanguard's board in February 2026 bringing with him close to four decades of experience across global financial services.
He served as chairman and chief executive officer of Lazard, Inc., the independent investment bank and financial advisory firm, from 2009 to 2023, a tenure spanning major market cycles, regulatory shifts, and the transformation of the advisory industry.
He remains a senior advisor at Lazard and sits as vice chair of the board of trustees at both the University of Chicago and the Brookings Institution, the Washington, DC-based nonprofit public policy organization.
Meanwhile, John Murphy, president and chief financial officer of The Coca-Cola Company, where he has held progressively senior roles since 1988, has been elected Lead Independent Director. Murphy has served on Vanguard's board since 2024.
His election to the Lead Independent Director position carries a specific governance rationale: under the Investment Company Act of 1940, the US federal statute that regulates investment companies, Jacobs is classified as an "interested person" during an initial period on the board, requiring an independent director to fill a lead oversight role.
Murphy's background in global financial stewardship and strategic planning positions him well for that accountability function.
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