Oliver Zipse to join Vanguard’s Board of Directors; André Perold to Retire

VALLEY FORGE, PA (June 30, 2026) Vanguard today announced the election of Oliver Zipse to its board of directors and to the board of trustees (the boards) for each of the Vanguard funds effective February 23, 2027. Additionally, after more than two decades of distinguished service to the boards, André Perold will retire effective today, June 30, 2026.

Mr. Zipse is the former chief executive officer and chairman of the Board of Management of BMW AG, where he spent 35 years in leadership roles spanning development, production, and strategic planning in Munich and South Africa. He brings deep, global experience in product strategy and corporate planning, with a strong track record of leading a complex, consumer-focused business through technological transformation. Mr. Zipse also serves on the board of Airbus and as deputy chair of the Senate of the Fraunhofer-Gesellschaft. He was appointed president of the European Automobile Manufacturers' Association (ACEA) for 2021 and 2022 and is an honorary professor at the Technical University of Munich.

Mr. Perold is chief investment officer and a partner at HighVista Strategies LLC. He previously served as the George Gund Professor of Finance and Banking at Harvard Business School and is a board member of RIT Capital Partners. He has served as a Vanguard director since 2004.

"We're excited to welcome Oliver to the board; he brings a global perspective and a track record of leading complex organizations across changing landscapes," said Mark Loughridge, Vanguard chair. "For more than 20 years, André has helped guide Vanguard through defining moments with clarity and conviction. We're grateful for the standard he set."

"André consistently guided the board and our management teams to stay focused on Vanguard investors and to keep raising the bar. His leadership and judgment shaped the firm in lasting ways," said Salim Ramji, chief executive officer. "I look forward to working with Oliver when he joins the board next year."