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YOU would think that the man who would be king of the Valley Forge-based Vanguard Group of Investment Companies after John Bogle would be a silver-haired, seasoned veteran of the mutual fund industry who has gone to the "right" schools, knows the "right" people and waited his turn in the line of succession. You inight even think he'd be somewhat of a "yes" man.
But being mentioned as the heir to Bogle is something to which "I pay no attention," says John J. Brennan. "I have my job to do. I love the company, and I enjoy my relationship with my boss, who has got to be better than just about anybody I know. I look forward to coming in and working with Jack. Nobody would replace Jack Bogle."
Brennan says he comes in and does his job "and whatever happens in the future happens as far as I am concerned. If they asked me to stand on my head on a telephone pole tomorrow I'd stand on my head on a telephone pole. I'd do it nice and straight, and if that's good for Vanguard then that's what I'm going to do. It sounds a little Pollyannish."
Brennan says the title "`heir apparent' doesn't mean anything to anybody."
GETTING IN LINE: That seems more than an understatement considering that Vanguard's directors, on May 17, elected Brennan as president of The Vanguard Group Inc. and each of its 28 investment companies. When the announcement was made, Bogle said Brennan "has touched every facet of our operations, and he has proved to be a person of exceptional character and judgment, with a full measure of determination and leadership skills."
Bogle is still chairman and CEO, with Vanguard's Fixed Income Management Group and the Project Development and Planning Group reporting to him. Vanguard's other groups --operations and systems, marketing, financial and legal -- report to Brennan. Bogle said the relationships are "primarily for the purpose of organizational clarity. Mr. Brennan and I will continue to work together in all aspects of the company."
Brennan, who is only 34 years old, joined Vanguard in 1982 as assistant to the chairman. He was elected senior vice president/chief financial officer in 1985, and executive vice president in 1986. The...