Kenneth Jacobs elected as Chairman of Vanguard’s Board of Directors

VALLEY FORGE, PA (July 24, 2026)-Vanguard announced today that Mark Loughridge will retire from Vanguard's board of directors and the board of trustees for each of the Vanguard funds effective December 31, 2026. Kenneth Jacobs has been elected by the boards to succeed Mr. Loughridge as the nonexecutive Chairman and John Murphy has been elected to act as Lead Independent Director.

"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," said Mr. Loughridge. "Ken and John are the right leaders for Vanguard's board going forward. Their long track records of disciplined leadership, thoughtful governance, and global perspective, coupled with a deep appreciation for Vanguard's culture and mission, will keep Vanguard on course as we work to improve the financial outcomes of the tens of millions of individuals that we serve."

Mr. Jacobs joined Vanguard's board in February 2026. With nearly four decades of experience in global financial services, including as the Chairman and Chief Executive Officer of Lazard, Inc. from 2009 to 2023, Mr. Jacobs has broad expertise in corporate strategy, international market development, risk and regulatory matters, and technology-driven business transformation. Mr. Jacobs is a senior advisor for Lazard and serves as Vice Chair of the board of trustees at the University of Chicago and at the Brookings Institution.

Mr. Murphy has served on Vanguard's board since 2024. He is President and Chief Financial Officer of The Coca-Cola Company, where he oversees the company's global finance organization. Since joining Coca-Cola in 1988, he has held a range of leadership positions spanning finance, strategic planning, and international operations. He has also served on several corporate and nonprofit boards, bringing extensive experience in global business leadership, financial stewardship, and long-term strategic planning. The Vanguard Board has elected Mr. Murphy to act as Lead Independent Director during the period Mr. Jacobs is considered an "interested person" as defined in the Investment Company Act of 1940.

Mr. Loughridge has served on Vanguard's board since 2012, and as nonexecutive Chairman since 2024. He is the retired Senior Vice President and Chief Financial Officer of IBM and had also served on IBM's Retirement Plan Committee.

"On behalf of Vanguard's clients, crew, and fellow board members, I want to thank Mark for his extraordinary service and stewardship," said Salim Ramji, Vanguard Chief Executive Officer. "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. His wisdom, integrity, and thoughtful leadership have strengthened our governance and positioned Vanguard for continued success on behalf of our investors well into the future. We are deeply grateful for his many contributions, and I look forward to building on our collective work with Ken and John."

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