Vanguard Appoints John James to Senior Leadership Team

Long-time Managing Director of Human Resources Kathleen C. Gubanich to retire in December

VALLEY FORGE, PA (SEPTEMBER 29, 2016)-Vanguard announced today that John James will join the $3.8 trillion firm's senior leadership team as a Managing Director and Head of Human Resources, responsible for overseeing employment, employee relations, corporate training, compensation, and benefits.

Mr. James, 48, who currently leads Vanguard's European business, will replace Kathleen Gubanich, 57, who will retire at year-end 2016 after a 30-year career with Vanguard. Ms. Gubanich joined Vanguard in 1986 and was appointed to the senior leadership team in 1995 to lead the HR function.

"We are pleased to welcome John to Vanguard's senior leadership team. He is a tenured professional in the investment management industry, and the breadth of his perspective and diversity of experiences in the U.S., Australia, and Europe will greatly benefit our company and our clients," said Vanguard CEO Bill McNabb. "At the same time, we are very grateful to Kathy for her leadership and commitment to our clients and crew. Her 30-year career spans the formative years of the firm, along with a prolonged period of extraordinary growth. This growth and success would not be possible without a world-class HR operation."

Mr. James joined Vanguard at its Malvern headquarters in 2008 as head of broker-dealer sales and distribution, and then moved to the International Division to conduct a strategic review of the firm's non-U.S. business and distribution efforts. In 2010, he was appointed to lead Vanguard's Australian operations.

Prior to joining Vanguard, Mr. James served as the CEO of Australian Football League team Port Adelaide for four years. In addition, Mr. James brings more than 15 years of executive leadership experience with prominent Australian financial services companies, including as a senior leader at MLC, the wealth management division of the National Australia Bank, where he was involved in retail distribution, institutional strategy, corporate superannuation, and scaled advice. Mr. James was a director of the Financial Services Council in Australia from 2011-2015, holds an MBA from the University of Adelaide, and has completed the Advanced Management Program at the Wharton School of the University of Pennsylvania.

Mr. James joins Vanguard's 12-person senior leadership team responsible for leading Vanguard and its global operations. He will report to Mr. McNabb.

About Vanguard

Vanguard is one of the world's largest investment management companies. As of August 31, 2016, Vanguard managed more than $3.8 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers more than 350 funds to its more than 20 million investors worldwide. For more information, visit vanguard.com.

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