March 3, 2008
Brennan Names His Replacement at Vanguard, As McNabb Takes Helm
The Board of Directors of The Vanguard Group has elected F. William McNabb III as its new president and director, effective March 1.
McNabb, 50, will succeed CEO John Brennan within a year.
Brennan, 53, has served as Vanguard's president since 1989 and CEO since 1996 and he will remain as chairman of the board.
McNabb has worked at Vanguard since 1986, most currently as managing director of institutional and international business, which has $700 billion in assets under management.
"Bill McNabb is a man of great integrity, values, character, talent, experience, and accomplishment," Brennan said. "He is intimately familiar with, and has been actively involved in, all of our investment, business, and technology efforts. Vanguard's clients and our crew members are very fortunate to have him assume the role of president of our company. Working in concert with our experienced senior management team and board, Bill is the ideal person to lead Vanguard into the future. I am thrilled that our directors have named him as my successor."
McNabb received his bachelor's degree from Dartmouth College and his Masters of Business Administration degree from The Wharton School of the University of Pennsylvania.
Citigroup Taps Leach As Risk Chief; Bermudez to Retire
Citigroup Inc. has named Brian Leach as its new chief risk officer.
Leach, 48, comes from Old Lane Partners, a hedge fund he co-founded with Citigroup's new CEO Vikram Pandit. At Old Lane, Leach served as chief risk officer and co-CEO.
Leach will succeed Jorge Bermudez, a 33-year Citigroup veteran who has had the risk job for just three months, according to Dow Jones News Service.
"Last October, Jorge informed senior management of his intention to retire, and given the challenges facing the risk organization, he agreed to take on the leadership of the function," Pandit said Wednesday. "He will apply the same dedication as he works with Brian over the coming months on a new governance structure for the risk organization."
Pandit said Leach is a "widely respected industry risk veteran" and added that he was "confident that he and our risk team will lead an independent, best-in-class risk management function that exercises prudent judgment in managing the risks inherent in our business and plays an important role in Citi's capitalizing on emerging growth opportunities."
Before Old Lane, Leach was risk manager of institutional services for Morgan Stanley and was also chief operating officer for Morgan Stanley's fixed income division.
Citi acquired Old Lane Partners last April.
Hartford Promotes Zlatkus to CFO
The Hartford Financial Services Group Inc. announced it is promoting Lizabeth Zlatkus to executive vice president and chief financial officer and John Walters to president and chief operating officer of Hartford's life operations.
Zlatkus, 49, has been co-chief operating officer of life operations with Walters, 46, and president of the international wealth management and group benefits business. Zlatkus will take over for David Johnson, who has said he will leave The Hartford by mid-year.
Zlatkus will report to Ramani Ayer, chairman and chief executive of The Hartford.
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