Vanguard Names Kenneth Jacobs as Next Chairman in Major Board Transition

Investment giant Vanguard has elected Kenneth Jacobs, the former chairman and chief executive of investment bank Lazard, to serve as its next nonexecutive chairman. The appointment takes effect December 31, 2026, when incumbent Mark Loughridge retires after 14 years on the board. John Murphy, president and chief financial officer of The Coca-Cola Company, has been named lead independent director.

Leadership Change Details

Jacobs joined Vanguard's board in February 2026 and brings nearly four decades of experience across global financial services. During his 14-year tenure leading Lazard from 2009 to 2023, he directed the investment bank through substantial international growth while managing corporate strategy, mergers and acquisitions advisory, regulatory compliance, and technology-driven transformation initiatives. He currently serves as senior advisor to Lazard and holds the position of vice chair on boards of trustees at both the University of Chicago and the Brookings Institution.

Murphy has served on Vanguard's board since 2024. Since joining Coca-Cola in 1988, he has progressed through senior roles spanning global finance operations, strategic planning, and international business expansion. In his current role as president and chief financial officer, Murphy oversees Coca-Cola's worldwide finance organization. The Vanguard Board designated him lead independent director during the period Jacobs meets the definition of an "interested person" under the Investment Company Act of 1940 due to his recent professional affiliation with Lazard.

Outgoing Chairman's Legacy

Loughridge, a retired senior vice president and chief financial officer of IBM, first joined Vanguard's board in 2012 and assumed the nonexecutive chairman role in 2024. In his announcement, he endorsed both successors, stating their records of disciplined leadership and governance experience, combined with deep understanding of Vanguard's investor-owned mission, position the board to serve tens of millions of fund participants effectively. The governance transitions apply to both Vanguard's main board and the boards of trustees overseeing Vanguard's fund operations.