Vanguard Broadens Senior Leadership Team With Addition Of Chief Risk Officer

VALLEY FORGE, PA (September 12, 2018)-Joseph P. Brennan has been appointed to a newly created position of Vanguard's Global Chief Risk Officer and a member of Vanguard's senior leadership team. In his new role, Mr. Brennan, 49, will assume responsibility for the firm's current enterprise risk management organization, in addition to all facets of enterprise security and investment risk management.

"We believe centralizing our risk management functions under a single senior leader will benefit both our clients and Vanguard. Joe's vast and varied investment management and leadership experience both in the U.S. and abroad make him the ideal candidate to integrate and enhance our capable and strong global risk management teams," said Vanguard CEO Tim Buckley.

Mr. Brennan joined Vanguard in 1991 and worked as an analyst and trader in Vanguard's Fixed Income Group. He then moved to Vanguard's Portfolio Review Department, which is primarily responsible for investment manager search and oversight, eventually leading the group for five years. In 2009, he was named chief investment officer of the Asia Pacific region and served on the senior leadership team of Vanguard Australia. In 2013, he assumed responsibility for Vanguard's Equity Index Group.

Mr. Brennan earned a B.A. in economics from Fairfield University and an M.S. in finance from Drexel University. A graduate of Harvard Business School's Advanced Management Program, he is a CFA® charterholder and is a member of the CFA Society of Philadelphia.

Mr. Brennan's current role as head of Vanguard's Equity Index Group, which oversees $3.1 trillion in 319 mutual funds and ETFs, will be assumed by C. Rodney Comegys, principal and head of the Risk Management Group within Vanguard Investment Management Group, responsible for risk analysis oversight for the Fixed Income, Equity Index, and Quantitative Equity groups.

"Rodney has been integral in building a world-class investment management function and team, and now he will have the opportunity to lead Vanguard's largest investment group," said Mr. Buckley. "His deep knowledge of indexing and our investment and trading systems, along with his understanding of the markets and market structure, will serve him well in his new role."

Previously, Mr. Comegys, 49, was head of investments, Asia Pacific, and head of Equity Index Group, Asia Pacific. His former roles include leading Vanguard's Index Analysis and ETF Trading teams, and heading the Global Broker Relations team. As a member of Vanguard's investment management team for the past ten years, Mr. Comegys played a key role in expanding Vanguard's international business, launching new ETFs, and building processes and technology for Vanguard's equity management and trading systems.

Mr. Comegys has also served in leadership roles in Vanguard's Six Sigma program and Retail Investor Group. Before joining Vanguard in 1999, he was a U.S. Navy nuclear submarine officer. He earned a B.S. in engineering and a M.Sc. in regional science economics from the University of Pennsylvania, and an M.B.A. from Harvard Business School.

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About Vanguard

Vanguard is one of the world's largest investment management companies. As of August 31, 2018, Vanguard managed more than $5.1 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, serves more than 20 million investors worldwide. For more information, visit vanguard.com.

All asset figures are as of August 31, 2018.

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