Kenneth Jacobs elected as Chairman of Vanguard's Board of Directors
Mark Loughridge, the current chairman of Vanguard, will retire from the company's board of directors and the board of trustees for each of the Vanguard funds effective December 31, 2026. Kenneth Jacobs has been elected to succeed Loughridge as the nonexecutive Chairman, while John Murphy will serve as Lead Independent Director, according to the company.
Loughridge expressed gratitude for his time on the board, highlighting the dedication of his colleagues. “Serving on Vanguard's board has been a tremendous privilege. I am deeply grateful for the opportunity to work alongside such thoughtful and dedicated leaders in service of Vanguard's mission, our investors, and our future,” he stated. He endorsed Jacobs and Murphy as appropriate leaders for the board moving forward, noting their leadership qualities and understanding of Vanguard's mission.
Kenneth Jacobs joined Vanguard's board in February 2026. With nearly 40 years of experience in global financial services, he previously served as Chairman and Chief Executive Officer of Lazard, Inc. from 2009 to 2023. Jacobs possesses expertise in areas such as corporate strategy, international market development, and technology-driven business transformation. He is currently a senior advisor for Lazard and holds positions as Vice Chair of the board of trustees at the University of Chicago and at the Brookings Institution.
John Murphy has been part of Vanguard's board since 2024 and currently serves as President and Chief Financial Officer of The Coca-Cola Company. His extensive career at Coca-Cola began in 1988, leading to various leadership roles across finance and international operations. Murphy has also contributed to numerous corporate and nonprofit boards, emphasizing his experience in global business leadership and financial stewardship.
Mark Loughridge has been with Vanguard since 2012 and has served as nonexecutive Chairman since 2024. Previously, he was the Senior Vice President and Chief Financial Officer of IBM. Salim Ramji, Vanguard's Chief Executive Officer, thanked Loughridge for his nearly 15 years of service, acknowledging his contributions to the company during a period of significant growth and change. Ramji emphasized the importance of Loughridge's leadership in strengthening Vanguard's governance and supporting its mission to provide investment success for its clients.
Founded in 1975, Vanguard is recognized as one of the world's leading investment management companies. The firm serves tens of millions of individual investors globally, providing investments, advice, and retirement services. Vanguard operates under a unique investor-owned structure, emphasizing its commitment to fairness and investor success.