ICI Picks McNabb as Chairman and Appoints New Governors

The Investment Company Institute’s (ICI) Board of Governors has elected William McNabb to serve as ICI chairman for a one-year term.

McNabb also currently serves as chairman and CEO of the Vanguard Group. He was first elected to ICI’s Board of Governors in 2008 and has served on the Institute’s Executive Committee since 2009. McNabb joined Vanguard in 1986, became CEO in 2008, and was named chairman of the board of directors and the board of trustees in 2009.

ICI President and CEO Paul Stevens said: “Bill McNabb, already a leader in our industry, has a strong vision for the industry’s future. He is widely respected for his contributions and will excel in the role of Chairman. I look forward with great pleasure to working with him and our exceptional Board of Governors.”

As chairman, McNabb will preside over the Board of Governors, the governing body of the Institute, and the Executive Committee of the Board. The board is responsible for setting policy and overseeing activities of the Institute, whose members include mutual funds, closed-end funds, exchange-traded funds and unit investment trusts.

The Institute’s membership also elected a slate of governors that included four new members to the board for terms that will expire Sept. 30, 2016. They are: Karen Horn, Independent Director, T. Rowe Price Funds; Lawrence Kaplan, Lord, Abbett & Co.; Joseph Sullivan, Legg Mason; and Ralph Verni, independent director, Eaton Vance Funds.