BALTIMORE, May 6, 2015 /PRNewswire/ --
NEWS
The Board of Directors of T. Rowe Price Group (NASDAQ-GS: TROW)
today announced that James A.C.
Kennedy, CEO and president and chair of the firm's
Management Committee, has decided to step down from those roles,
effective December 31, 2015. He will
retire from the firm at the company's Annual Meeting on
April 27, 2016, following a highly
successful 38-year career with the firm, the last nine as CEO and
president.
William J. Stromberg, a 28-year
veteran of the company who is currently head of Global Equity and
Global Equity Research and a member of the firm's Management
Committee, will succeed Jim. Bill will become president and CEO and
chair of the Management Committee, effective January 1, 2016. He will also join the Board of
Directors at that time.
As part of the transition, Eric L.
Veiel, a director of Equity Research–North America and a
member of the U.S. Equity Steering Committee, will become head of
U.S. Equity and chair of the U.S. Equity Steering Committee,
effective January 1, 2016. He will
also join the Management Committee at that time.
QUOTES
Brian C. Rogers, Chairman and
Chief Investment Officer
"Jim's long and distinguished career at T. Rowe Price spans nearly
four decades of unprecedented change in financial markets and the
firm. Importantly, he has always put our clients' interests first,
while ensuring that we take care of our most important asset, our
people. Jim's passion for attracting, developing, and
retaining a deep and diverse group of talented associates, and
his determination in striving for continuous improvement, are
hallmarks of his career. Having become CEO and president in
January 2007, just months before the
onset of the global financial crisis, his leadership helped T. Rowe
Price emerge from the downturn in remarkably good shape. He has
also shown a strong commitment to our communities."
"The Board of Directors has tremendous confidence in Bill. His
appointment as president and CEO will be the culmination of a
thoughtful and planned transition of leadership at T. Rowe Price,
and testament to Bill's career success and proven leadership
abilities. Throughout his 28-year career with the firm, he has
consistently demonstrated his abilities as a talented investor,
principled decision maker, and highly effective leader. He has been
a member of the Management Committee since 2007 and has
considerable experience in the management of the company as we have
grown globally. We are extremely proud of his commitment to
our clients and the outstanding investment results generated during
his tenure as head of our equity business. Bill has the respect of
everyone in the organization."
William J. Stromberg, Head of
Global Equity and Global Equity Research
"Jim's career contributions to our clients, associates, and
shareholders have been truly extraordinary. He has been a role
model and mentor to me for many years and I will be honored to
succeed him and serve as president and CEO. I am very proud of our
talented associates and look forward to continuing to work with
them to deliver excellent investment performance and client service
while we expand our business globally."
"With broad experience as an equity analyst, a portfolio
manager, and a director of equity research, Eric has developed the
perspective and leadership skills required to thrive as head of
U.S. Equity. He has played an increasingly influential role in
guiding our equity management process, which has prepared him well
to take on his new responsibilities. Working together with his
fellow Director of Research Jason
Polun, Eric has done an excellent job of working with our
sector teams, enhancing key research processes, and strengthening
our recruiting efforts. The quality of his experiences, his high
integrity, and the agility he has shown give us tremendous
confidence that he will succeed. As I have been, Eric will be
supported by a strong U.S. Equity Steering Committee whose members
average 22 years of experience with T. Rowe Price."
James A.C. Kennedy, CEO and
President
"T. Rowe Price is one of the premier investment management
organizations in the world, with extremely impressive talent around
the globe and increasingly broad investment and client service
capabilities. I am particularly proud of our efforts over the years
to maintain and grow the strength of our investment divisions, to
continue delivering strong investment performance for our clients,
and to broaden our diverse talent base across the organization. The
company has evolved tremendously since I started in 1978 and I am
extremely confident that the firm will move forward from a position
of strength. Our collaborative, client-focused culture has never
been stronger."
"Bill and I have worked closely together for nearly 28 years and
I am proud that he will succeed me as president and CEO. I have the
utmost confidence that under his leadership and stewardship, we
will sustain and enhance our stellar reputation and that our
clients, associates, and stockholders will continue to be well
served in the years ahead."
BACKGROUND ON JAMES A.C. KENNEDY, CFA
Jim, 61, joined
T. Rowe Price in 1978 as an equity analyst, after earning his
M.B.A. from the Stanford Graduate School of Business. He
transitioned to management in 1987, becoming director of Equity
Research. Jim was elected to the T. Rowe Price Group Board of
Directors in 1996, named director of Equity in 1997, and joined the
Management Committee in 2000. He became CEO and president in
2007.
BACKGROUND ON WILLIAM J. STROMBERG, CFA
Bill, 55,
joined T. Rowe Price in 1987 as an equity analyst, after earning
his M.B.A. from the Tuck School of Business at Dartmouth. His success as an analyst led to him
serving as the original portfolio manager of the U.S. Dividend
Growth Equity Strategy from the end of 1992 to March 2000. He became associate director of
Equity Research in 1997, director of Equity Research in 1999, and
director of Global Equity Research in 2004. Bill was named
co-director of Equity in 2005, director of Equity in 2007, and head
of Global Equity in 2009. He also currently serves as head of U.S.
Equity and chair of the U.S. Equity Steering Committee. Bill joined
the Management Committee in 2007.
BACKGROUND ON ERIC L. VEIEL, CFA
Eric, 43, has 16
years of investment experience and is a 10-year veteran of T. Rowe
Price. He is currently a director of Equity Research–North America
and a co-portfolio manager of the U.S. Structured Research Equity
Strategy. Previously, he covered a wide range of financial services
companies as an analyst. In 2010 he became portfolio manager of the
Financial Services Equity Strategy and financial services sector
team leader. Eric holds an M.B.A. from the Washington University, John
M. Olin School of Business.
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc.
(troweprice.com) is a global investment management
organization with $772.7 billion in
assets under management as of March 31,
2015. The organization provides a broad array of mutual
funds, subadvisory services, and separate account management for
individual and institutional investors, retirement plans, and
financial intermediaries. The company also offers sophisticated
investment planning and guidance tools. T. Rowe Price's
disciplined, risk-aware investment approach focuses on
diversification, style consistency, and fundamental research.
The strategies, products and services mentioned are offered via
subsidiaries of T. Rowe Price Group, Inc. This does not constitute
a distribution, an offer, an invitation, recommendation or
solicitation to sell or buy any securities in any jurisdiction.
T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep
design are, collectively and/or apart, trademarks or registered
trademarks of T. Rowe Price Group, Inc. in the United States, European Union, and other
countries.
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SOURCE T. Rowe Price Group, Inc.