VALLEY FORGE, PA — Vanguard will install former Lazard Chief Executive Kenneth Jacobs as nonexecutive chairman on Jan. 1, 2027, while naming Coca-Cola finance chief John Murphy lead independent director to address Jacobs’ regulatory status under federal investment law.
Jacobs will succeed Mark Loughridge, who is retiring Dec. 31 from Vanguard’s board of directors and the boards overseeing each of the firm’s investment funds.
The appointments place two executives with extensive global finance experience in senior governance roles at Vanguard as the asset manager serves tens of millions of investors and continues adapting its operations, technology and oversight to its scale.
Jacobs joined Vanguard’s board in February 2026 after serving as Lazard Inc.’s chairman and chief executive from 2009 through 2023. His experience includes corporate strategy, international markets, regulatory matters, risk management and technology-driven business transformation.
He remains a senior adviser to Lazard and serves as vice chair of the boards of trustees at the University of Chicago and the Brookings Institution.
Murphy has served on Vanguard’s board since 2024. He is president and chief financial officer of The Coca-Cola Co., where he oversees the beverage maker’s global finance organization.
Vanguard elected Murphy lead independent director for the period during which Jacobs is classified as an “interested person” under the Investment Company Act of 1940. The designation creates an independent leadership role alongside Jacobs’ chairmanship.
Murphy joined Coca-Cola in 1988 and has held leadership positions in finance, strategic planning and international operations. He also has served on corporate and nonprofit boards.
Loughridge joined Vanguard’s board in 2012 and became nonexecutive chairman in 2024. He previously served as IBM’s senior vice president and chief financial officer and was a member of the company’s retirement plan committee.
Vanguard Chief Executive Salim Ramji credited Loughridge with helping guide the firm through “significant growth and change” during nearly 15 years of board service.
Loughridge described Jacobs and Murphy as leaders with experience in governance, international markets and long-term planning.
“Their long track records of disciplined leadership, thoughtful governance and global perspective” will support Vanguard’s mission and culture, Loughridge stated.
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