Inside Vanguard: Leadership Secrets From the Company That Continues to Rewrite the Rules of the Investing Business

CAHPTER 10

CHANGEOVER

Jack Bogle and Jack Brennan were for many years a rewardingly balanced team—Mr. Outside and Mr. Inside, CEO and COO, working father and son. Both believed deeply in the Vanguard mission of serving investors with solid investments and good service at low cost with high integrity. During their first 15 years, they found many ways to enjoy working together. Both were frugal: simple offices, mid-range cars, off-the-rack suits. (Bogle’s well-worn suits looked old, Brennan’s were well pressed and replaced sooner.) As they worked together, they were increasingly impressed with each other.

Both put in long hours. Both were facile with numbers. Each was finding the other wonderfully complementary in skills and interests, and they ...