Culture
Jon Couture on culture and leadership in the age of AI
February 18, 2026
Jon Couture, Vanguard’s chief human resources officer, joined The Modern People Leader podcast to share how Vanguard is evolving its culture while staying grounded in the mission and values that have defined it for more than 50 years.
In the episode, Couture reflects on what it takes to sustain high performance across a global organization of more than 20,000 crew—without losing trust, purpose, or a long-term mindset. His conversation with hosts Stephen and Daniel Huerta explores how leadership, culture, and talent strategy come together at a moment of significant transformation with the dawn of AI.
Couture emphasizes that Vanguard’s culture—rooted in its client-first mission and unique ownership structure—remains a powerful competitive advantage. At the same time, he discusses the importance of refining how that culture shows up in day-to-day leadership, particularly as the organization navigates increased competition, rapid technological change, and shifting expectations of leaders.
A central theme of the discussion is the role of leaders as "cultural carriers." Couture shares why Vanguard invests heavily in leadership development at scale, including programs designed for both experienced leaders and first-time people managers. These efforts help ensure that leaders at every level are equipped to build trust, model resilience, and guide teams through change.
The conversation also touches on Vanguard’s approach to preparing its workforce for the future, including the role HR plays in shaping responsible adoption of AI. Couture underscores that technology is most effective when paired with strong leadership, clear values, and human judgment.
Notes and disclosures:
For the ten-year period ended 12/31/2025 these percentages of Vanguard funds outperformed their peer group averages: 100% of money market funds (256 of 256), 69% of bond funds (1822 of 2641), 91% of balanced funds (1715 of 1885), and 91% of stock funds (6507 of 7150); results will vary for other time periods. Only funds with a minimum ten-year history were included in the comparisons. Source: LSEG Lipper Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at vanguard.com/performance.
US Average Expense Ratio: Asset-weighted average: 7 basis points, or 0.07%. The industry asset-weighted average expense ratio is 44 basis points, or 0.44%.*
* Source: Vanguard and Morningstar. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of 2024 average net U.S. assets. As of March 31, 2025. Updated mid-February/March for the previous year.
Vanguard is owned by its funds, which are owned by Vanguard's fund shareholder clients.
Number of Investors: More than 50 million global investors (as of 12/31/2024)
Vanguard reduced expense ratios for certain share classes of some funds in 2025. There is no guarantee that any individual investor will save money due to the reductions in fund expense ratios. Not all fund share classes will have a reduced expense ratio and therefore not all investors will experience the estimated savings. Investors that purchase the relevant funds after the expense ratios have been reduced will not experience savings. Savings means future money not spent on expense ratios, and does not entail a rebate or deposit of any sort. Savings figures are estimates and should not be relied upon. Savings is based on data as of November 30, 2024; if other data is used, savings may differ. Estimated savings accrue to existing investors holding relevant share classes for 2024 and 2025. For illustrative purposes only. Past performance is not indicative of future results.
Advice services are provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company.