Asset manager Vanguard has elevated its head of institutional and international businesses to president and within a year William McNabb will succeed current chief executive officer Jack Brennan, who inherited the role from founder John Bogle.

McNabb, who has been with the company since 1986, will become president of the company and a director on the board on March 1. Brennan will remain Vanguard’s chairman after he relinquishes the chief executive post, which he has held for 12 years.