Guest Commentator: Bill McNabb, Chairman and CEO, Vanguard, @Vanguard_Group
What have you learned about the region during your time leading a major business in Greater Philadelphia?
How did someone raised in upstate New York and Boston, and schooled in New Hampshire, find himself spending the past three decades working and raising a family in the Philadelphia area? Initially, it was serendipity. After college, I landed a teaching job at The Haverford School. I went on to earn a business degree from Wharton. Afterward, I spent three years on Wall Street, and I learned a lot about finance and hard work. But I felt like something was missing.
So, in 1986, I was back in Philadelphia, interviewing at Vanguard, an upstart firm whose business model and values intrigued me. I found myself discussing with a good friend and former coach whether I should leave New York City for the leafy Main Line suburbs over Dalessandros cheesesteaks and a beer in his Roxborough backyard. I took the job at Vanguard, and I’ve never looked back. In December, I’ll step down as CEO. It’s been immensely gratifying to be part of a company that has grown from 1,000 crew members and $20 billion in assets when I arrived to more than 17,000 crew members who prudently tend $4.7 trillion in client assets.
This region is an integral part of the firm’s success. Great locations attract great people. The region has many virtues that make it a fantastic place to live and work:
- People: More than 100 colleges and universities are within an hour’s drive of Philadelphia. If you’re an employer looking for smart, talented, intellectually curious people, you couldn’t ask for a better location.
- Diversity: This region is home to a diverse population from