Immediately after graduating from Princeton University in 1951, Bogle was hired by Wellington Management Company.[12] In 1966, he forged a merger with a fund management group based in Boston.[12] He became President in 1967 and CEO in 1970.[12] However, the merger ended badly and Bogle was therefore fired in 1974.[12] Bogle has said about being fired: "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot.