Kenneth Jacobs to Chair Vanguard Board Following Loughridge Retirement

Loughridge, who joined the board in 2012 and served as nonexecutive chairman since 2024, leaves behind a tenure marked by significant firm growth. A former IBM executive, he oversaw a period of expansion that solidified the company’s investor-owned model. CEO Salim Ramji credited his departure as the end of an era of steady stewardship, noting that Loughridge’s influence helped refine the firm’s governance structure.

Kenneth Jacobs, who joined the board only months ago in February 2026, brings four decades of financial services experience to the chairmanship. His background includes a long tenure as CEO of Lazard, Inc., where he focused on global market development and digital transformation. John Murphy, currently the President and CFO of The Coca-Cola Company, will serve as Lead Independent Director. His appointment is specifically intended to satisfy regulatory requirements under the Investment Company Act of 1940 while Jacobs holds an "interested person" status. Both incoming leaders are expected to maintain the firm’s focus on long-term strategy and client outcomes.