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Mark Loughridge is the board's lead independent director. His responsibilities include serving as a principal point of contact for the independent directors, who appoint the chairman of the board. In addition, he coordinates the activities of the independent directors, including calling their regular executive sessions. He works with the chairman to develop the agenda of board meetings and chairs the meetings of the independent directors, including meetings of the audit, compensation, and nominating committees. Mr. Loughridge is the retired senior vice president and chief financial officer of IBM. He also served as a fiduciary member of IBM's Retirement Plan Committee. He is a member of the Council on Chicago Booth. Mr. Loughridge joined Vanguard's board of directors in 2012.