Company Press Release VALLEY FORGE, Pa., Jan 25, 2012 -- Martha King and Chris McIsaac have been appointed managing directors of Vanguard, reporting directly to Vanguard Chairman and CEO Bill McNabb.

Martha King was named managing director of the Financial Advisor Services division, which provides products, services, and education to more than 1,000 financial advisor firms. Vanguard's Financial Advisor Services began in 2002 with $85.4 billion in assets under management. Under Ms. King's direction, the group has grown to more than $520 billion in assets and now stands as its own business division at Vanguard. Ms. King began her Vanguard career in 1985. Before joining Financial Advisor Services, she oversaw the firm's Institutional investment only business, headed Vanguard's Arizona operation, and led Vanguard's Institutional sales team's efforts in the western and central regions of the United States. Ms. King, who resides in Malvern, Pennsylvania, earned a B.S. from Bloomsburg University of Pennsylvania and completed the Advanced Management Program at the Wharton School of the University of Pennsylvania.

"Over the past decade, Vanguard's Financial Advisor Services group has expanded to represent a quarter of Vanguard's assets. This organizational change recognizes the importance of this growing business segment and Martha's leadership within it," said Mr. McNabb.

Chris McIsaac is managing director of the Institutional Investor Group, serving employers offering company-sponsored retirement plans, and institutions such as endowments and foundations. Mr. McIsaac has held a number of leadership roles across Vanguard during his tenure, including heading Vanguard's Institutional Asset Management group and Vanguard's Portfolio Review department, which oversees Vanguard's 29 external advisors. Mr. McIsaac began his career at Vanguard in 1997, working in Corporate Strategy, and has since served in a number of leadership positions in the firm's Institutional and Retail divisions, including 18 months in Vanguard's Arizona office. Originally from Alberta, Canada, Mr. McIsaac now resides in Newtown Square, PA. He earned a B.S. from St. Joseph's University and an M.B.A. from Harvard Business School.

"The institutional business is very important to Vanguard and as we continue to evolve to best deliver our products and services, Chris's understanding of the needs of our clients and the environment in which they operate will bring a critical perspective to our senior leadership team," said Mr. McNabb.

Ms. King and Mr. McIsaac join the 11-member team responsible for leading Vanguard and its operations. The other members of the firm's senior staff are:

F. William McNabb III, chairman of the board, president, and Chief Executive Officer;

Mortimer J. Buckley, managing director of the Retail Investor Group;

Kathleen C. Gubanich, managing director of Human Resources;

Paul Heller, managing director of Vanguard's Information Technology division and Chief Information Officer;
Michael S. Miller, managing director of Planning and Development;

James M. Norris, managing director of Vanguard International;

Glenn Reed, managing director of Strategy and Finance;
George U. Sauter, managing director and Chief Investment Officer;
Heidi Stam, managing director of Legal, general counsel, and corporate secretary

Vanguard's board of directors approved the appointments of Ms. King and Mr. McIsaac in December 2011.


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